SOLUTION: Following the birth of their grandson, his grandparents deposit $10,000 in a college trust fund where interest is 4.2% compounded annually. a. Find a function for the amount i

Algebra ->  Linear-equations -> SOLUTION: Following the birth of their grandson, his grandparents deposit $10,000 in a college trust fund where interest is 4.2% compounded annually. a. Find a function for the amount i      Log On


   

Question 909001: Following the birth of their grandson, his grandparents deposit $10,000 in a college trust fund where interest is 4.2% compounded annually.
a. Find a function for the amount in the account after t years.



b. Find the amount of money in the account after 18 years. (Round to the nearest cent.)



Thank you in advance for the help
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
A%28t%29+=+10000%281.042%29%5E%28t%29
A%2818%29+=+10000%281.042%29%5E%2818%29