SOLUTION: Emily put $48,000 in an education account on the day her daughter was born. If the account earned 5.35% interest compounded monthly, what was the total in the account when her dau
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Question 1090277: Emily put $48,000 in an education account on the day her daughter was born. If the account earned 5.35% interest compounded monthly, what was the total in the account when her daughter turned 18? Round the final answer to the nearest cent.
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Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
A = , the interest divided by the number of months in a year and 216 is the number of compoundings monthly in 18 years.
= $125469.20.
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