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Rebecca Is Currently Working, but Is Planning to Start a College

question 48

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Rebecca is currently working, but is planning to start a college in few years. For this purpose, she would need $20,000. Today she can start investing $750 monthly in an investment account that pays 6 percent compounded monthly. How long would it take her to have enough money to start college?


Definitions:

Norman Angell

British journalist, author, and Nobel Peace Prize laureate, best known for his work "The Great Illusion," which argued that the economic interdependence of nations would make war futile.

Gavril Princip

The Bosnian Serb nationalist who assassinated Archduke Franz Ferdinand of Austria in 1914, an event that sparked the outbreak of World War I.

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