SOLUTION: Need answer confirmation please. Lisa put $55,000 in an education account on the day her son was born. If the account earned 5.35% interest compounded monthly, what was the t

Algebra ->  Finance -> SOLUTION: Need answer confirmation please. Lisa put $55,000 in an education account on the day her son was born. If the account earned 5.35% interest compounded monthly, what was the t      Log On


   

Question 1126183: Need answer confirmation please.
Lisa put $55,000 in an education
account on the day her son was born. If
the account earned 5.35% interest
compounded monthly, what was the total
in the account when her son turned 18?
Round the final answer to the nearest cent.
What I did:
A=55000(1+0.0535/12)^12*18
A=55000(1.00446)^12*18
A=55000(1.00446)^216
A=55000(2.16488)
A=143818.4
$143,818.40
Thank you!
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
.0535/12=0.0044583333
round at the end only to get $143766.85
The work itself other than the rounding is correct.