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A newborn child receives a $15,000 gift toward a college education from her grandparents. How much will the $15,000 be worth in 18 years if it is invested at 2% and compounded quarterly? Write your final answer out to the second decimal place.

A newborn child receives a $15,000 gift toward a college education from her grandparents. How much will the $15,000 be worth in 18 years if it is invested at 2% and compounded quarterly? Write your final answer out to the second decimal place.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 36PFA
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A newborn child receives a $15,000 gift toward a college education from her grandparents. How much will the $15,000 be worth in 18 years if it is invested at 2% and compounded quarterly? Write your final answer out to the second decimal place. P = n = Type out the formula here with the known values: A = Answer: A =
Transcribed Image Text:A newborn child receives a $15,000 gift toward a college education from her grandparents. How much will the $15,000 be worth in 18 years if it is invested at 2% and compounded quarterly? Write your final answer out to the second decimal place. P = n = Type out the formula here with the known values: A = Answer: A =
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