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1200$ in a college savings account. the account earns interest at a rate of 1.8% compounded annually how much money is in the account after 6 years?

 Jun 3, 2015

Best Answer 

 #1
avatar+118696 
+5

1200$ in a college savings account. the account earns interest at a rate of 1.8% compounded annually how much money is in the account after 6 years?

 

FV=1200*(1.018)^6

 

1200×(1.018)6=1335.5738712137042688

 

Not much more.  That is a terrible interest rate!

 Jun 3, 2015
 #1
avatar+118696 
+5
Best Answer

1200$ in a college savings account. the account earns interest at a rate of 1.8% compounded annually how much money is in the account after 6 years?

 

FV=1200*(1.018)^6

 

1200×(1.018)6=1335.5738712137042688

 

Not much more.  That is a terrible interest rate!

Melody Jun 3, 2015

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