You start savings a $250 a month for the next 22 years to give us a gift to your daughter when she graduates college if you put

Question

2 years ago

13

the money into a long-term savings account that receives 3.5 interest how much money will you be able to give your daughter

1 answer:

Ann [662] · Answer 1 · 2022-09-26T17:00:02+03:00

Ann [662]2 years ago

4 0

Answer:

$376,475.71

Step-by-step explanation:

FVA Due = P * [(1 + r)n – 1] * (1 + r) / r

FVA Due = 250 * [(1.2916)264 – 1] * (1.2916) / .2916