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In 2014 Rose invested $16,000 in a savings account for her newborn son. The account pays 3.6% interest each year. Determine the total value of the account in the year 2032, when…

In 2014 Rose invested $16,000 in a savings account for her newborn son. The account pays 3.6% interest each year. Determine the total value of the account in the year 2032, when…
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In 2014 Rose invested $16,000 in a savings account for her newborn son. The account pays 3.6% interest each year. Determine the total value of the account in the year 2032, when her son will go to college.

asked
User Kerox
by
8.3k points

2 Answers

5 votes
16,000 x (1 + .036)^18 = 30240.96
answered
User Bendae
by
8.4k points
4 votes

Answer:

$30240.96

Explanation:

see pic

In 2014 Rose invested $16,000 in a savings account for her newborn son. The account-example-1
answered
User PeqNP
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7.7k points
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