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Martha's grandfather put $2000 in a savings account for Martha's college fund when she was born. If the account pays three percent interest, compounded quarterly, how much will Martha have for college when she is 18?

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Answer: $3,425

Explanation: Quarterly compounding periods for 18 years is 4 x 18 = 72 and the payment amount is $2,000.

2000 (1+.03/4)^72 = 3425.11

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