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When her first baby was born, a mom started investing $200 each month into a college fund earning 6% compounded monthly, how much will be available when the child turns 18 years…

When her first baby was born, a mom started investing $200 each month into a college fund earning 6% compounded monthly, how much will be available when the child turns 18 years…
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When her first baby was born, a mom started investing $200 each month into a college fund earning 6% compounded monthly, how much will be available when the child turns 18 years?

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User Krisi
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8.2k points

1 Answer

3 votes
FV = $200 x [(1 + 0.06/12)^(12*18) - 1] / (0.06/12)
FV = $94,219.55

Therefore, when the child turns 18 years old, there will be approximately $94,219.55 available in the college fund
answered
User Amir Molaa
by
7.3k points
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