When you turned 9, a family member puts $210 in a savings account to help save for college or another big life goal. If your savings account continuously earns 2% interest per year, how much will you have in your savings account when you turn 18?

Question

When you turned 9, a family member puts $210 in a savings account to help save for college or another big life goal.  If your savings account continuously earns 2% interest per year, how much will you have in your savings account when you turn 18?

will.h · Answer

When you turn 18 That means after 9 years 
Annual growth rate is 2% 
Initial investment is 210 
So we will use the following 
P(1 + r)^t
Where t is the number of years
210(1 + 0.02)^9
That would equal to 251 dollars

studygurl14 · Answer

Assuming that the question means continuous interest, the formula is
$\Large A=Pe^{rt}$

Where P = the principle (beginning) amount
r = rate
t = amount of time in years

will.h · Answer

Pretty awful saving tho 
That wouldn't even manage Starbucks expenses

handymani · Answer

LOL. Thanks guys! (:

will.h · Answer

Sure