SOLUTION: For their newborn child, parents deposit $10,000 in a college account that pays 8% interest, compounded annually. How much will be in the account on the child’s 17th birthday?

Question 1164043: For their newborn child, parents deposit $10,000 in a college account that pays 8% interest, compounded annually. How much will be in the account on the child’s 17th birthday?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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Future value  FV =  =  = 37000.18 dollars.    ANSWER

To learn everything about compounded accounts, read the lessons
- Compound interest percentage problems
- Problems on discretely compound accounts
in this site.

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