Kevin will go to college in three years. His parents are opening an educational fund for...
Kevin will go to college in three years. His parents are opening an educational fund for him, depositing $4000 at the start of each quarter. If the fund assesses a 9 ¼ % interest compounded quarterly, how much will Kevin have in his account when he starts college?
Homework Answers
Quarterly interest rate, r = 9.25%/4 = 0.023125
Number of payments = 3 * 4 = 12
Kevin will have $54,601.0102313514 in his account when he starts college.
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