Hector's parents started saving money for his college education when Hector was six. If they save $400 per month at a credit uni
on account, paying 2.5% interest compounded daily, how much will Hector have for college expenses 12 years later?
1 answer:
Answer:
$539.94
Step-by-step explanation:
The formula for calculating future value:
FV = P (1 + r/m)^mn
FV = Future value
P = Present value = $400
R = interest rate = 2.5/ 365
N = number of years = 12 x 365
$400 x ( 1 + 0.025/365)^4380 = $539.94
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