Question $14$

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Future Value Computation

Kumari Jennings has decided to start saving for his daughter's college education by depositing $$2,250$ at the end of every year for $18$ years. He has determined that he will be able to earn $5\%$ interest compounded annually. He hopes to have at least $$60,000$ when his daughter starts college in $18$ years. $($a$)$ How much will he have saved? $($b$)$ Will his savings plan be successful?

Round to the nearest dollar. Use Excel or a financial calculator for computation.

a$.$

b$.$ Yes, his plan will be successful