Question

Kitty and Robert put $1500 into a college fund every year for their son, Evan, on his birthday, with the first deposit one year from his birth (at his very first birthday). The college fund has a guaranteed annual interest rate of 7%. At his eighteenth birthday, the last $1500 will be paid. How much will be in the college fund for Evan immediately following this last payment?

Answer 1

PLEASE DON’T FORGET TO GIVE A THUMBS UP ??!!!

Alignment F G 1 16 BALANCE AFTER 18 YEARS $50,998.55 um til Clipboard Font fo =C2*((1+0.07)^B2) Α B YEAR No. of Years Left AMOUNT FUTURE VALUE 17 $1,500.00 4738.222816 $1,500.00 4428.245623 $1,500.00 4138.547311 $1,500.00 3867.801225 $1,500.00 3614.7675 $1,500.00 3378.287383 $1,500.00 3157.277928 $1,500.00 2950.727036 $1,500.00 2757.688819 $1,500.00 2577.27927 $1,500.00 2408.672215 $1,500.00 2251.095528 $1,500.00 2103.827596 $1,500.00 1966.194015 $1,500.00 1837.5645 $1,500.00 1717.35 $1,500.00 1605 $1,500.00 1500