Martha wants to start saving for college. She estimates that she will need $50,000 when she starts college 4 years from now. She plans to Dave $9500 this year and increase deposits by 5% annually. Payments at end of the year. She can earn 7% on her savings. Will she meet her savings goal of $50,000 for college 4 years from now? Todd os saving $3,000 annually into an account. Payments at end of each year. He plans to increased the annual level of savings by 5% each year. He can earn9% annually. How much will he have in the account at the end of 20 years.

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Lets calculate Marthas and Todds savings separately Martha Martha plans to save 9500 this year and i... View the full answer