SOLUTION: Lindsay put $18,000 in an a bank account on the day her son was born. If the account earned 6.15% interest compounded quarterly, what was the total in the account when her son turn
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Question 979246: Lindsay put $18,000 in an a bank account on the day her son was born. If the account earned 6.15% interest compounded quarterly, what was the total in the account when her son turned 18? Round the final answer to the nearest cent Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! P=Po (1+.0615/4}^72
This is the standard formula: Initial value *{ 1 + interest rate/compoundings per year raised to the number of compoundings per year*number of years}.
=18,000*(1.015375)^72
$53,998.04;;be sure to round after the last step
