Question 553545: When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually. To represent this, we can use the formula V = 5000(1+r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18?
A. 5,175
B. 7,127
C. 9,287
D. 12,472
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually.
To represent this, we can use the formula V = 5000(1+r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18?
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V(18) = 5000(1.035)^18 = $9287
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Cheers,
Stan H.
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A. 5,175
B. 7,127
C. 9,287
D. 12,472
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