Question 1131717:
Show all work as you solve the following problems and write complete answers, including appropriate units.
Madeline put $58,000 in an education account on the day her son was born. If the account earned 5.86% interest compounded monthly, what was the total in the account when her son turned 18? Round the final answer to the nearest cent.
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Principal(1+r/n)^nt = Amount
where:
r = rate (interest rate)
n = number of compounding periods per time (In this case 12)
t = time (in this case 18 years)
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58,000(1+(0.0586/12))^(12*18)
58,000(1+0.004883)^216
Add, elevate to power, multiply times 58,000 and you've got your answer.
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