Question
I already posted this question, I just wanted to clarify my answer.
Problem: When Frederick was born, his grandparents gave hime a gift of $2000, which was invested at an interest rate of 5% per year, compounded yearly. How much money will Frederick have when he collects the money at the age of 18? gGive your answer to the nearest hundreth of a dollar.
Response: Steve: 2000(1+.05)^18
My answer: 4183.24
Problem: When Frederick was born, his grandparents gave hime a gift of $2000, which was invested at an interest rate of 5% per year, compounded yearly. How much money will Frederick have when he collects the money at the age of 18? gGive your answer to the nearest hundreth of a dollar.
Response: Steve: 2000(1+.05)^18
My answer: 4183.24
Answers
Josh
The answer is 2813.24 ur close