<PRE><B>Question 64441</B>
The parents of a newborn daughter open an annuity making $30 payments each month for their daughters college fund. The annuity pays an annual rate of 5% compounded monthly. Find the amount, to the nearest cent, in the annuity when their daughter turns 19. 
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Formula:
Future Value of an annuity:
S=R[(1+i)^n-1]/i
S=30[(1+0.05/12)^(12*19)]/[0.05/12]
S=30[2.580611313]/[0.004]
S=30*619.3467
S=$18580.40
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Cheers,
Stan H.</PRE>