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March 26, 2017

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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?

  • math - ,

    I got 133,156.50 , you probably hit a wrong key when you typed it.

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