Jan received $12,000 from her parents for her son Raoul’s education. It will be 9.5 years before Raoul needs the money. Jan was able to invest it at 6.75 percent compounded quarterly. Using the following compound interest formula, how much will Raoul have for his education at the end of 9.5 years?
Where:
A is the total amount.
p is the principal.
r is the rate of interest.
t is the time in years.
n is the number of periods per year.
$22.664.64
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