Question 1152840: please help me solve this word problem
In 2012 Staci invested $14,000 in a savings account for her newborn son. The account pays 4.8% interest each year. Determine the accrued value of the account in the year 2030, when her son will go to college. Round your answer the nearest cent.
Answer by ikleyn(52893)   (Show Source):
You can put this solution on YOUR website! .
In your post, you forgot to mention that the account is compound annually . . .
When you confirm it in your next post to the forum, I will be ready to solve it for you .. . .
Nevertheless, you have an opportunity to solve the problem on your own (!), even without my direct involvement.
For it, read the lesson
- Compound interest percentage problems
in this site, and find there explanations and instructions on how to solve such problems.
Consider this lesson as your textbook, handbook, tutorials and (free of charge) home teacher.
Happy learning (!)
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