# SOLUTION: If your grandparents deposited \$5000 in a certificate on the day you were born at a rate of 4.5%, how much money would you have to start college after your 18th birthday if it was

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 Question 193162: If your grandparents deposited \$5000 in a certificate on the day you were born at a rate of 4.5%, how much money would you have to start college after your 18th birthday if it was compounded monthly?Answer by stanbon(57346)   (Show Source): You can put this solution on YOUR website!If your grandparents deposited \$5000 in a certificate on the day you were born at a rate of 4.5%, how much money would you have to start college after your 18th birthday if it was compounded monthly? ------------------------------------ A(t) = P(1+(r/n))^(nt) A(18) = 5000(1+(0.045/12))^(12*18) A(18) = 5000*2.24451 A(18) = \$11222.53 ---------------- Cheers, Stan H.