Question

1. Billy's mother started a college fund on Billy's 8th birthday. She

deposited $8,200 into a savings account that yields an interest rate of
0.21% compounded annually. How much money will the savings account
be worth when Billy turns 18 years old?

Answer 1

when billy turns 18 he will have $3,099.6 in his account because .021 percent x $8,200= $172.20 per year x 18 years = $3,099.60