Question 1097580: Please help with the following:
Show all work as you solve the following problem and write complete answers, including appropriate units:
Maria put $42,000 in an education account on the day her daughter was born. If the account earned 4.05% interest compounded quarterly, what was the total in the account when her daughter turned 18? Round the final answer to the nearest cent.
Thanks!
Answer by MathTherapy(10551)   (Show Source):
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Please help with the following:
Show all work as you solve the following problem and write complete answers, including appropriate units:
Maria put $42,000 in an education account on the day her daughter was born. If the account earned 4.05% interest compounded quarterly, what was the total in the account when her daughter turned 18? Round the final answer to the nearest cent.
Thanks!
Use the FUTURE VALUE formula for $1:  , where:
 = Accumulated amount, or future value (Unknown, in this case)
 = Present Value, or Principal invested, or INITIAL amount deposited ($42,000, in this case)
 = Annual Interest rate (4.05%, or .0405, in this case)
 = Number of ANNUAL compounding periods (Quarterly, or 4, in this case)
 = Time, in years (18, in this case)
becomes:  , and then Future Value, or 
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