John and Mary Rich invested $15,000 in a savings account paying 5.25% interest at the time their son, Mike, was born. The money is to be used by Mike for his college education. On his 18th birthday, Mike withdraws the money from his savings account. How much did Mike withdraw from his account?

The amount that Mike withdraws from his account is $37678.11265

Explanation:

This question requires to calculate the future value of the amount invested at a rate of 5.25% for 18 years. We will simply use the formula for future value.

The formula for future value is,

FV  = Present Value * (1+r)^t

Where,

r is the interest rate t is the time period Here the time period is in years and is 18 years or t = 18

FV = 15000 * (1+0.0525)^18

FV = $37678.11265

A hypothesis is an opinion or prediction on what will happen during the experiment.
The question is asking to explain and determine it. so come up with a prediction on what will happen during the experiment, and explain it in detail, and how you thought of it.

Hope this Helps!