Question

When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually. To represent this, we can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18?
A)
$5,175
B)
$7,127
C)
$9,287
D)
$12,472

Answer 1

@iGreen

Answer 2

@Harsha19111999

Answer 3

Easy.

\(V(18) = 5000(1 + 0.035)^{18} = $9287\)

Answer 4

thanks