Solve the Problem. -A Couple Decides on the Following Savings Plan for Their

question 44

Short Answer

Solve the problem.
-A couple decides on the following savings plan for their child's college education. When the child is 6 months
old, and every 6 months thereafter, they will deposit $310 into a savings account paying 9.5% interest
compounded semi-annually. After the child's tenth birthday, having made 20 such payments, they will stop
making deposits and let the accumulated money earn interest, at the same rate, for 8 more years, until the child
is 18 years old and ready for college. How much money (to the nearest dollar) will be in the account when the
child is ready for college?

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