Math Problem Statement

In 2014 Staci invested $14,000 in a savings account for her newborn son. The account pays 4.7% interest each year. Determine the accrued value of the account in the year 2032, when her son will go to college. Round your answer the nearest cent.

In the year 2032, the accrued value will be $x

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

A = P(1 + r/n)^(nt)

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 9-12