Question 1131684
first installment when child is 11.
last installment when child is 21.
installments are 6000 each year.
money is invested at 6.1% compounded annually.
what does child receive at 21?


use a financial calculator.


calculator i used is at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


present value = 6000
annual payment of 6000 made at the end of each year.
number of years = 21 - 11 = 10
interest rate per year = 6.1%


solve for future value to get future value = 90,304.04


here's a display of used of that calculator.


present value and payments are negative because they're money going out.
future value is positive because it's money coming in.


<img src = "http://theo.x10hosting.com/2018/12706.jpg" alt="$$$">


i confirmed using excel.
here's a printout.


<img src = "http://theo.x10hosting.com/2018/12705.jpg" alt="$$$" >