SOLUTION: Suppose you have a newborn baby and you want to start a college fund for when the baby is 18 years old. If you are able to get an APR of 4.68% and you feel that you can save $250 a
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Question 1075876: Suppose you have a newborn baby and you want to start a college fund for when the baby is 18 years old. If you are able to get an APR of 4.68% and you feel that you can save $250 a month, how much would be in the college fund at the end of 18 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
your time periods are in months.
your number of months is 18 * 12 = 216
your monthly interest rate percent = 4.68% / 12 = .39%
you would use the following time value of money calculator.
https://arachnoid.com/finance/
your inputs will be as shown below:
your output will be as shown below:
you would have $84,495.62 in the college fund at the end of 18 years.
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