Carly has decided to set up a savings account for funding her daughter's college education. Carly...

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Carly has decided to set up a savings account for funding her daughter's college education. Carly has $20,000 that she plans to deposit immediately into the account and plans to deposit an additional $6,000 per year for the next 15 years. For planning purposes Carly assumes that her rate of interest in the college savings accounts will remain constant at 3.2% for the entire 15 year period (Carly believes that she is being conservative here and she actually believes that rates will fluctuate higher but is not factoring that into her thinking). Using the Future Value formula (FV), what amount should Carly expect to have in the savings account when her daughter enters college 15 years from now? Round to the nearest whole dollar. Carly has decided to set up a savings account for funding her daughter's college education. Carly has $20,000 that she plans to deposit immediately into the account and plans to deposit an additional $6,000 per year for the next 15 years. For planning purposes Carly assumes that her rate of interest in the college savings accounts will remain constant at 3.2% for the entire 15 year period (Carly believes that she is being conservative here and she actually believes that rates will fluctuate higher but is not factoring that into her thinking). Using the Future Value formula (FV), what amount should Carly expect to have in the savings account when her daughter enters college 15 years from now? Round to the nearest whole dollar.

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