SOLUTION: Patrice put $42,000 in an education account on the day her daughter was born. If the account earned 4.85% interest compounded monthly, what was the total in the account when her da
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Question 1071324: Patrice put $42,000 in an education account on the day her daughter was born. If the account earned 4.85% interest compounded monthly, what was the total in the account when her daughter turned 18? Round to the nearest cent. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! A=42000(1+(.0485/12))^216, the interest divided by the number of months in a year and 216 is the number of compoundings monthly in 18 years.
=$100374.70
