SOLUTION: Suppose that when you were born, your grandparents deposited $1000 into an account that they hoped would help you pay for college. The account compounds annually at a rate of 4%.

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Question 943076: Suppose that when you were born, your grandparents deposited $1000 into an account that they hoped would help you pay for college. The account compounds annually at a rate of 4%.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming you're 18 when you enter college.
F=1000%281%2B4%2F100%29%5E18
F=1000%281.04%29%5E18
F=1000%282.02582%29
F=2025.82