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Your grandparents give you $1000 for your tenth birthday to invest for your college education. You research some investment companies around town and find one that pays you 4.2%…

Your grandparents give you $1000 for your tenth birthday to invest for your college education. You research some investment companies around town and find one that pays you 4.2%…
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Your grandparents give you $1000 for your tenth birthday to invest for your college education. You research some investment companies around town and find one that pays you 4.2% and compounds quarterly. If you leave the money in your account until your 18th birthday, how much money will you have? Show all your work.

asked
User Meesha
by
7.8k points

1 Answer

6 votes

Answer:

33,600

Explanation:

1000 × 4.2 = 4200 x 8 = 33,600

answered
User Max Masnick
by
8.4k points
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