SOLUTION: On the day she was born, a girl's parents invested $2000 in a bank to save for her college education. At 6 1/4% interest compounded annually, how much will have accumulated by her

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: On the day she was born, a girl's parents invested $2000 in a bank to save for her college education. At 6 1/4% interest compounded annually, how much will have accumulated by her      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 171519: On the day she was born, a girl's parents invested $2000 in a bank to save for her college education. At 6 1/4% interest compounded annually, how much will have accumulated by her eighteenth birthday?
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
On the day she was born, a girl's parents invested $2000 in a bank to save for her college education. At 6 1/4% interest compounded annually, how much will have accumulated by her eighteenth birthday?
------------------------
Future Value = $2,000*(1.0625)^18
FV = $30,067.91