Posted by **Hector** on Tuesday, October 20, 2009 at 10:57pm.

Eric deposted $32,000 in a savings account to save for his children's college education. The bank pays 8% tax-deferred interest per year compounded quarterly. How much will his account be worth at the end of 18 years?

32,000(1.02)^72=$113,156.50

Is this correct?

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