Please help me with this math problem

Question

Rebecca put $35,000 in an education
account on the day her daughter was born. If the account earned 7.35% interest
compounded monthly, what was the total
in the account when her daughter turned
18? Round the final answer to the nearest
cent.

Answer 1

Kim, what's the formula?

 

A = P(1 + r/n)^nt 

 

P is the amount invested

r is the rate as a decimal

n is the number of times compounded annually

t is the number of years

 

 

A = 35000(1 + .0735/12)¹²⁽¹⁸⁾

A = 35000(1.006125)²¹⁶

 

I don't have a calculator with me, but put it in for your answer!