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AlgebraQ&A LibraryAt the time of her grandson's birth, a grandmother deposits $12000 in an account that pays 4% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?This is what I have thus far:P=12000r=4% = 0.04t=21 (#of years)n=12 (monthly)A=12000(1+0.04/12)12(21)A=12000*1.003 = 1203612(21)having trouble calculating the exponents. I am getting $25527.98, but answer is $27758 and I don't know what I am doing wrong, please helpQuestion

Asked Feb 14, 2020

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At the time of her grandson's birth, a grandmother deposits $12000 in an account that pays 4% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?

This is what I have thus far:

P=12000

r=4% = 0.04

t=21 (#of years)

n=12 (monthly)

A=12000(1+0.04/12)^{12(21)}

A=12000*1.003 = 12036^{12(21)}

having trouble calculating the exponents. I am getting $25527.98, but answer is $27758 and I don't know what I am doing wrong, please help

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