Jennifer is planning to attend college when she graduates from high school 4years from now. She anticipates that she will need $20,000 at the beginning of each college year to pay for tuition and fees andhave some spending money. Ashley has arranged with her fatherto work in the evenings in his gas-station and he would deposit $15,000 at the end of each year for the next 4years in a bank account paying 12percent interest, compounded daily. Will there be enough money in the account for Jennifer to pay for her college expenses on the day she starts College? Assume the rate of interest stays at 12 percent(compounded daily)throughout these years.Assume there are 365 days in a year.
Jennifer is planning to attend college when she graduates from high school 4years from now. She anticipates that she will need $20,000 at the beginning of each college year to pay for tuition and fees andhave some spending money. Ashley has arranged with her fatherto work in the evenings in his gas-station and he would deposit $15,000 at the end of each year for the next 4years in a bank account paying 12percent interest, compounded daily. Will there be enough money in the account for Jennifer to pay for her college expenses on the day she starts College? Assume the rate of interest stays at 12 percent(compounded daily)throughout these years.Assume there are 365 days in a year.
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