A new mother would like to start a college fund for her newborn daughter. She makes quarterly deposits of $400 into a college fund that earns 6% compounded quarterly for the next 18 years. How much will her daughter have available in her college fund when she turns 18? $ Round to the nearest dollar What is total amount the mother deposited into the fund over the 18 years? $ Round to the nearest dollar How much interest was earned over the 18 years? $ Use the WHOLE DOLLAR AMOUNTS you entered in as your answers above. 4 Round to the nearest dollar
A new mother would like to start a college fund for her newborn daughter. She makes quarterly deposits of $400 into a college fund that earns 6% compounded quarterly for the next 18 years. How much will her daughter have available in her college fund when she turns 18? $ Round to the nearest dollar What is total amount the mother deposited into the fund over the 18 years? $ Round to the nearest dollar How much interest was earned over the 18 years? $ Use the WHOLE DOLLAR AMOUNTS you entered in as your answers above. 4 Round to the nearest dollar
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 33P
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