SOLUTION: Your parents invested $2000 in a college fund for you when you were 4 years old. It has doubled in value every 4 yrs. If you are now 16, how much is in your college fund?

SOLUTION: Your parents invested $2000 in a college fund for you when you were 4 years old. It has doubled in value every 4 yrs. If you are now 16, how much is in your college fund?

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Question 178870: Your parents invested $2000 in a college fund for you when you were 4 years old. It has doubled in value every 4 yrs. If you are now 16, how much is in your college fund?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
let x be the initial amount invested
:
n is the number of periods it doubles
:
16-4=12 years
:
12/4=3 periods it has doubled
:
4000(2)^3=32000 dollars in the college fund at age 16
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