SOLUTION: Shana put $25,000 in an education account on the day her daughter was born. If the account earned 6.75% interest compounded quarterly, what was the total
in the account when her d
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-> SOLUTION: Shana put $25,000 in an education account on the day her daughter was born. If the account earned 6.75% interest compounded quarterly, what was the total
in the account when her d
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Question 1023428: Shana put $25,000 in an education account on the day her daughter was born. If the account earned 6.75% interest compounded quarterly, what was the total
in the account when her daughter turned 18? Round the final answer to the nearest
cent. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Shana put $25,000 in an education account on the day her daughter was born. If the account earned 6.75% interest compounded quarterly, what was the total
in the account when her daughter turned 18? Round the final answer to the nearest
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A(t) = P(1+(r/n))^(nt)
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A(18) = 25000(1+(0.0675/4))^(4*18) = $83407.49
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Cheers,
Stan H.
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