Question 1097580

Please help with the following:
Show all work as you solve the following problem and write complete answers, including appropriate units:
 Maria put $42,000 in an education account on the day her daughter was born.  If the account earned 4.05% interest compounded quarterly, what was the total in the account when her daughter turned 18?  Round the final answer to the nearest cent.

Thanks! 
<pre>Use the FUTURE VALUE formula for $1: {{{matrix(1,3, A, "=", P(1 + i/m)^(mt))}}}, where:
{{{A}}} = Accumulated amount, or future value (Unknown, in this case)
{{{P}}} = Present Value, or Principal invested, or INITIAL amount deposited  ($42,000, in this case)
{{{i}}} = Annual Interest rate (4.05%, or .0405, in this case)
{{{m}}} = Number of ANNUAL compounding periods (Quarterly, or 4, in this case)
{{{t}}} = Time, in years (18, in this case)

{{{matrix(1,3, A, "=", P(1 + i/m)^(mt))}}} becomes: {{{matrix(1,3, A, "=", "$42,000"(1 + .0405/4)^(4 * 18))}}}, and then Future Value, or {{{highlight_green(matrix(1,3, A, "=", "$86,747.69"))}}}