Kushfas Kushfas

08-01-2023
Mathematics

Answered

Suppose a young couple deposits $1000 at the end of each quarter in an account that earns 7.6%, compounded quarterly, for a period of 8 years. After the 8 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 8 years in the account and continue to contribute $200 at the end of each quarter for the next 19 years, how much will they have in the account (to help with their child’s college expenses)?

Answer :

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