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When Maria was born, her parents set up a savings account for her with $1000. The account pays 5% annual interest and it is compounded quarterly? How much money will Maria have when she turns 18. Round your answer to the nearest whole number.

 Mar 3, 2021
 #1
avatar+352 
0

A=1000(1+0.0125/4)^(18x4)=~$\boxed{2446}$

 Mar 3, 2021
 #2
avatar+30781 
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periodic interest in decimal form =  .05/4

  periods = 18 X4 = 72

 

1000 ( 1+ .05/4)72  = $ 2446   (SW has the correct answer, but the wrong interest value in his calculations )

 Mar 3, 2021
 #3
avatar+352 
0

sigh* keep making those sloppy mistakes ;-;

SparklingWater2  Mar 3, 2021

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