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.
Show all work as you solve the problem and write complete answers 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.
