Ask Question
6 October, 20:48

Martha's grandfather put $2000 in a savings account for Martha's college fund when she was born. If the account pays three percent interest, compounded quarterly, how much will Martha have for college when she is 18?

+2
Answers (1)
  1. 6 October, 22:09
    0
    Answer: $3,425

    Explanation: Quarterly compounding periods for 18 years is 4 x 18 = 72 and the payment amount is $2,000.

    2000 (1+.03/4) ^72 = 3425.11
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Martha's grandfather put $2000 in a savings account for Martha's college fund when she was born. If the account pays three percent ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers