Posted by shiedah on Wednesday, February 1, 2012 at 10:06am.
A grandmother is looking for a plan to finance her new grandchild’s college education. She has $25,000 to invest. Search the internet and locate a longrange investment plan, CD, Savings Bond, etc, for the grandmother. The plan is to earn compound interest.
Calculate the future value of the investment. You must use the advertised interest rate, the number of compounding periods per year, and the time the funds will be invested. If you are not given the number of compounding periods a year, make it up.
p=25,000(1+0.0177/1)1*8
p=25000
rate=0.0177
n=1
time=8 years
i need step by step help

college algebra  Reiny, Wednesday, February 1, 2012 at 11:20am
I don't see what the problem is
Just evaluate it
P = 25000(1.0177)^8
= 25000(1.150689622)
= 28767.24

college algebra  Anonymous, Monday, March 5, 2012 at 3:11pm
model the future value of grandmas investment as an exponential function,with time as the independent varible:f(t)=p(1+r/n)nt

college algebra  ruby, Wednesday, May 23, 2012 at 12:24pm
A grandmother is looking for a plan to finance her new grandchild’s college education. She has $50,000 to invest. Search the internet and locate a longrange investment plan, CD, Savings Bond, etc, for the grandmother. The plan is to earn compound interest
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