Need help with an investment math problem!
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Need help with an investment math problem!

[From: ] [author: ] [Date: 11-08-23] [Hit: ]
A) 8,B) 1,707,C) 288,D) 72,000-A = 4000*1.......
When Glenn was born, his parents invested $4,000 for his college education. At an interest rate of 4%, compounded annually, approximately how much would Glenn have at age 18?

Use the forumula A = P(1 + r)t, where P is the principal (the initial amount), r is the interest rate, and t is the time in years.
A) 8,100
B) 1,707,520
C) 288,000
D) 72,000

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A = 4000*1.04^18 = $8,103.27
Answer A)

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A = P(1 + r)t

A = 4000(1 + .04)^18

A) 8,100
1
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