SOLUTION: When Jose was born, his grandmother deposited $8000 into an account paying 6% interest, compounded quarterly. How much money will be available to use for college tuition 18 years

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: When Jose was born, his grandmother deposited $8000 into an account paying 6% interest, compounded quarterly. How much money will be available to use for college tuition 18 years       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 1127205: When Jose was born, his grandmother deposited $8000 into an account paying 6% interest,
compounded quarterly. How much money will be available to use for college tuition 18 years
later?

Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
8,000(1+(0.06/4))^4*18 =
8,000(1.015)^72 =
8,000*2.921 = 23,368