Question 977094
That will depend upon how often it's compounded.  If we assume annual compounding, the amount available after 19 years is $6051.20 (I used a <a href = "http://www.moneychimp.com/calculator/compound_interest_calculator.htm"> compounding calculator</A>).
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You can already tell that if he's gaining 6% while losing 8%, he made a poor investment.  He is losing 2% per year.
Using the same compounding calculator with a -2% growth, compounded annually, the real dollar amount (measured in the same value as the dollars he began with) is $1362.47.
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The only college funds worth doing are those that lock in tuition at the current rate.  Many states have these -- you start putting money in and it's a guaranteed tuition.  Considering how quickly tuition has been rising in the last twenty years, far outpacing inflation and cost of living, that may be a good idea.