1. Business
  2. Finance
  3. you are saving for your childs college tuition starting from...

Question: you are saving for your childs college tuition starting from...

Question details

You are saving for your child's college tuition. Starting from the birth, you deposit $500 into an account at the beginning of each month. The account generates 0.5% per month. By the time your child is 18 years old, how much money would you have in the account (assuming there are 18*12=216 payments, i.e there is no payment on the day your child turns 18)?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution