Question

Naomi plans to attend a four-year college that costs a total of $21,800 per year. Her family invests $9,500 in an account that earns 6% annual interest compounded monthly.
If Naomi’s family invests an additional $450 per month for five years, will the value of the account be enough to pay for at least the first two years of college? Use an online periodic deposit calculator.

Answer 1

I am not completely sure, but I think it only covers 1 full year plus another semester, again I’m not completely sure.