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Erin1535
18.03.2020 •
Mathematics
A newborn child receives a $18000 gift toward a college education from her grandparents. how much will the gift be worth in 18 years if it is invested at 6% interest rate compounded quarterly?
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Ответ:
$52,581
Step-by-step explanation:
To solve this problem, we can apply the formula for the compounded interest, which is:
where
A is the amount after time t
P is the principal
r is the rate of interest
n is the number of times the interest is compounded in a time t
t is the time
In this problem, we have:
P = $18,000 is the principal
t = 18 y is the time (18 years)
r = 0.06 is the rate of interest (6%)
n = 4, since the interest is compounded quarterly
Therefore, we find
Ответ: