dragonrose780
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A couple decides on the following savings plan for their child’s college education. When the child is 6
months old, and every 6 months thereafter, they will deposit $300 into a savings account earning 9%
semi-annually. After their child’s tenth birthday, having made 20 such payments, they will stop making
deposits and let the accumulated money earn interest, at the same rate, for 8 more years, until their
child is 18 years old and ready for college. How much will be in the account when the child is ready for
college?

Please give step by step!

Respuesta :

adarot

Answer:

$133507.33

Step-by-step explanation:

x = number of 6 month periods

y = total money in account

After 10 years:

[tex]y = 300x(1.09)^x[/tex]

[tex]y = 300(20)(1.09)^2^0[/tex]

[tex]y = 6000(5.60441077)[/tex]

[tex]y = 33626.46[/tex]

After 18 years:

[tex]y = 33626.46(1.09)^x[/tex]

[tex]y = 33626.46(1.09)^1^6[/tex]

[tex]y = 33626.46(3.97030588)[/tex]

[tex]y = 133507.33[/tex]

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