1. On the day Saffron was born, her parents put $36,000 into an investment account that promises to pay a fixed interest rate of 11 percent per year. How much money will she have in this account when she turns 18? Round to two decimal places

I did get the answer but please help me put this in these steps

Future value = Present value*(1+Interest rate)^Number of periods

= 36000*(1+11%)^18

= $235,567.90

Hence, the answer is $235,567.90

1. (i) Develop the timeline (linear representation of the timing of cash flows)

2. (ii) Identify the time value of money variable (PV, FV, PMT, N or Rate) which needs to

   be calculated in the question.

3. (iii) Identify the values of the remaining four variables (PV, FV, PMT, N or Rate) from

   the question. Be sure to input positive or negative signs.

4. (iv) Calculate the correct value of the variable identified in step (ii).