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October 30, 2014

Homework Help: economics

Posted by Rachel on Saturday, February 5, 2011 at 5:26pm.

In order to have money for their daughter's college education, a young couple started a savings plan into which they made intermittent deposits. They started the account with a deposit of 128.44 dollars (in year zero) and then added 421.97 dollars in year 3, and 723.46 dollars in years 8 and 9. What is the amount they have in the account in year 16 if they earned interest at 4.59% per year and never made any withdrawals? (Accuracy is set at the first decimal.)

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