When Melissa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the total amount in the account after 18 years.

Answer 1

P = Po + Po*r*t
P = 8000 + 8000*0.09*18. Solve for P.

Answer 2

n(t)=n0Xe^rt

n(18)=8000Xe^0.09X18

n(18)=$40,425