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Mr. Nowariak deposits $5,000 into a college investment account when his son is born. The account grows 7% yearly and is compounded on a monthly basis. How much money is in the account when he turns 18

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Answer:

When Mr. Nowariak's son turns 18, there will be $17,562.70 in the account.

Step-by-step explanation:

Monthly interest rate is [tex]\frac{0.07}{12}[/tex]%.

[tex]5000*(1+\frac{0.07}{12}) ^{18*12} = 17562.70[/tex]

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