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

Algebra ->  Finance -> 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      Log On


   

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) About Me  (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.