Business Calculus

posted by .

Pam and Tim decide to start saving money for their daughter's college education. They open a college savings plan (529) with a 500 dollars initial investment and next month start to make monthly deposits of 120 dollars. If the account pays 8% compounded monthly, how much will the account be worth after 180 deposits? Be sure to include the initial investment in the computation.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Mathematics

    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 …
  2. math

    We deposited 7,500 dollars into a savings account which pays 3.6 percent annual interest, compound quarterly.How long after the money is deposited will the account balance be 9,750 dollars?
  3. business

    . I have $2,000 that I can put away for my daughter’s college education. There is a savings program that it is offering 3.75% for 18 years. How much will she have for college
  4. economics

    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 …
  5. Finance

    5. John and Daphne are saving for their daughter Ellen's college education. Ellen just turned 10 (t=0), and she will be entering college 8 years from now (at t=8). College tution and expenses at State U. are currently $14,500 a year, …
  6. algebra

    A grandmother is looking for a plan to finance her new grandchild’s college education. She has $25,000 to invest. Search the internet and locate a long-range investment plan, CD, Savings Bond, etc, for the grandmother. The plan is …
  7. Algebra 2

    After one month at a new job you decide to save $50. Each month you plan to increase your savings by five dollars. a.)Write an explicit formula to model the amount you will save each month. b.)How much will you save in the seventh …
  8. Algebra

    After one month at a new job you decide to save $50. Each month you plan to increase your savings by five dollars. a.)Write an explicit formula to model the amount you will save each month. b.)How much will you save in the seventh …
  9. Math

    Consider the two savings plans below. Compare the balances in each plan after 7 years. Which person deposited more money in the​ plan?
  10. Math

    Consider the two savings plans below. Compare the balances in each plan after 7 years. Which person deposited more money in the​ plan?

More Similar Questions