A newborn child receives a ONE TIME $8,000 gift toward a college education from her grandparents. How much will the $8,000 be worth in 18 years if it is invested at 5.5% compounded quarterly? Round your answer to the nearest cent. Do not include any symbols. Example: 56789.12
Added by Nerea S.
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Since there are 4 quarters in a year, there will be a total of 4 x 18 = 72 compounding periods. Show more…
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