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Algebra

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Compounding Interest

ALGEBR-YXNBCY

Michael's parents think he is the smartest baby ever born. They decide to place $\$18,000$ into a college fund account for him when he is born. They are receiving $4$% interest compounded quarterly.

At the end of $18$ years, how much money will Michael have in his college account?

A

$\$37,847.79$

B

$\$23,445.29$

C

$\$36,464.70$

D

$\$18,730.88$