My daughter just gave birth to a beautiful baby girl, so to help with her college...

My daughter just gave birth to a beautiful baby girl, so to help with her college education, I plan to save $1200 each year for the next 18 years. If the first deposit is made a year from now into an account with a compound annual interest rate of 2%, how much will be in her account in 18 years?

$22,032.00

$21,600.00

$1713.90

$25,694.77

None of the above

Expert Solution

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

=1200*[(1.02)^18-1]/0.02

=1200*21.4123124

=$25694.77(Approx)

jeff jeffy answered 2 years ago

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