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?
+118723 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
$${\mathtt{1\,200}}{\mathtt{\,\times\,}}{\left({\mathtt{1.018}}\right)}^{{\mathtt{6}}} = {\mathtt{1\,335.573\: \!871\: \!213\: \!704\: \!268\: \!8}}$$
Not much more. That is a terrible interest rate!
+118723 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
$${\mathtt{1\,200}}{\mathtt{\,\times\,}}{\left({\mathtt{1.018}}\right)}^{{\mathtt{6}}} = {\mathtt{1\,335.573\: \!871\: \!213\: \!704\: \!268\: \!8}}$$
Not much more. That is a terrible interest rate!
