SOLUTION: If my parents invested $5000 when I was born at an interest rate of 4% for 18 years would i have enough money to pay for 4 years of college that cost $169,208? If not, how old wou
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-> SOLUTION: If my parents invested $5000 when I was born at an interest rate of 4% for 18 years would i have enough money to pay for 4 years of college that cost $169,208? If not, how old wou
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Question 593227: If my parents invested $5000 when I was born at an interest rate of 4% for 18 years would i have enough money to pay for 4 years of college that cost $169,208? If not, how old would I be when the balance in the account is enough to cover my college? I think I have to use A=P e ^rt but I have no idea how to figure this out. Please help me. Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! You don't say the compoundind period,
so I am using annual
A=P(1+r)^t
A=5000(1.04)^18
A=5000*2.02582
A=$10,129.10
You do the rest
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