Question

The parents of twin boys started a college fund when the boys were 5 years old. They decided to invest $6,000 into an account that compounds quarterly at a rate of 8.6% annually.

If the parents do not invest any additional money into this fund, how much will each of the boys have toward his education when they reach 18 years old? Use the formula: , where A is the amount at the end of a specific length of time, P is the initial amount of the investment, r is the rate as a decimal and t is time. Round your answer to the nearest cent.

Answer 1

90

Answer 2

21

Answer 3

900

Answer 4

9068

Answer 5

$9068.11

Answer 6

27753.26

Answer 7

9068.11