Homework Help: Mathematics

Posted by Maddie on Monday, November 17, 2008 at 9:27pm.

Pam and Tim decide to start saving money for their daughter's college education. They open a college savings plan with a 400 initial investment and next month start to make monthly deposits of 100. If the account pays 8.00% compounded monthly, how much will the account be worth after 180 deposits? Be sure to include the initial investment in the computation.

Mathematics - economyst, Tuesday, November 18, 2008 at 8:47am
An excel spreadsheet is very helpful for these kinds of calculations.
Mathematics - Anonymous, Tuesday, December 6, 2011 at 11:20pm
worth $35,935.41.

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