Answer: You will have $24,551.84 when you turn 18.
Step-by-step explanation:
Formula for accumulated amount earned in t years:
[tex]A=P(1+\dfrac{r}{12})^{12t}[/tex], where P = principal value, r = rate of interest
Given: P= $10000, r = 5% t = 18 years.
Substitute all values in formula, we get
[tex]A=10000(1+\dfrac{0.05}{12})^{12\times18}\\\\=10000(1.004167)^{216}\\\\=10000(2.45518445623)\approx24551.84[/tex]
Hence, you will have $24,551.84 when you turn 18.
