SOLUTION: When Jim was born in 1992, his aunt put $1000 in a trust fund having a guaranteed annual interest rate of 6.4%. In 2010, Jim's tuition is expected to be $3500. Write the function t
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Question 130464: When Jim was born in 1992, his aunt put $1000 in a trust fund having a guaranteed annual interest rate of 6.4%. In 2010, Jim's tuition is expected to be $3500. Write the function that represents the value of this trust over time and use it to determine whether there will be enough money in the trust fund to pay the tuition. Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! 1000(1+.064)^18
1000(1.064)^18
1000*3.05456=$3,054.56 for the amount of the investment. Short of the $3,500 needed for the tuition.
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