I've been working at this for some time and have been unsuccessful. I know i'm supposed to use the principle interest formula but that's all. I think i'm missing something
Rebecca put $24,000 in an education account on the day her daughter was born. If the account earned 6.85% interest compounded monthly, what was the total in the account when her daughter turned 18? Round the final answer to the nearest cent.
1 answer
24000(1+.0685/12)^(12*18) = 82,067.98
3 answers