SOLUTION: suppose on the day you were born your parents deposited $2000 into a savings account earning 2.3% interest annually. How much will be in the account on your 18th birthday?

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Question 1020371: suppose on the day you were born your parents deposited $2000 into a savings account earning 2.3% interest annually. How much will be in the account on your 18th birthday?
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
Use the compound balance formula A+=+P%2A%281%2Br%2Fn%29%5E%28nt%29
==> A+=+2000%281%2B+0.023%2F1%29%5E%281%2A18%29+=+2000%2A1.023%5E18= $3,011.56