Lucy’s mom started a savings account for Lucy to go to college when she was 5 years old. She put $1000 into an account that earned 6% interest. Lucy is now 18. How much money does Lucy have?

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saraenyeart5002 saraenyeart5002

03-03-2022
Mathematics

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Lucy’s mom started a savings account for Lucy to go to college when she was 5 years old. She put $1000 into an account that earned 6% interest. Lucy is now 18. How much money does Lucy have?

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-03-17T10:07:23+01:00

With the Loan principle at $1000, interest at 6%, with a time of 13 years, The amount of money has Lucy has is mathematically given as

X=$780

What is the amount of money has?

Question Parameters:

Lucy went to college when she was 5 years old.

he put $1000 into an account that earned 6% interest

Generally, the equation for the annual interest is mathematically given as

X=1000*0.06

X=60

Since She was 5and now 18

18-5=13

In conclusion, the amount of money has

X=13*60

X=780