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A newborn child receives a ​$9,000 gift toward a college education from her grandparents. How much will the ​$9,000 be worth in 18 years if it is invested at 7.6% compounded​ quarterly? Round to the nearest cent.

Respuesta :

[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$9000\\ r=rate\to 7.6\%\to \frac{7.6}{100}\to &0.076\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\to &4\\ t=years\to &18 \end{cases} \\\\\\ A=9000\left(1+\frac{0.076}{4}\right)^{4\cdot 18}\implies A=9000(1.019)^{72}[/tex]

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