At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how much, to the nearest dollar, will be available in 19 years?

Question

matt101 · Answer

This is similar to the question you posted earlier...try to come up with an equation, I'll have a look to see if it's right :)

anonymous · Answer

ok

anonymous · Answer

just dont know how to do it

matt101 · Answer

Well, this time they give you the principal, the interest rate, and the number of years; you're looking for the total money at the end. Does that help?

anonymous · Answer

the equation is I(1+o.o6)^t
I stands for initial value so it would be 2000 and it's to the 19th because thats the amount of time  sooo 2000(1+0.06)^19 i dont have a calculator so your gonna have to figure out the rest...I'm pretty sure thats right.

matt101 · Answer

That's it roseee :)

The answer is about $6051.20.
Do you get it, ilovemyhonda?

anonymous · Answer

yes