Ten years ago, when Jen was born, her parents opened up a savings account and deposited $10,000 immediately They planned for her to use all the money deposited in that account over the years towards her college education when she turns 18 Afterwards, they made additional deposits of $5,000 per year...

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Ten years ago, when Jen was born, her parents opened up a savings account and deposited $10,000

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Ten years ago, when Jen was born, her parents opened up a savings account and deposited $10,000 immediately. They planned for her to use all the money deposited in that account over the years towards her college education when she turns 18. Afterwards, they made additional deposits of $5,000 per year. However, due to some unforeseen circumstances, they will withdraw $8,000 from the account this year and will not contribute anything next year. However, they plan to deposit $7,000 per year for the remaining years until their daughter turns 18. How much will Jen have in that account to contribute towards her college education when she is 18?

Posted Date: May 18, 2024 10:12 AM

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Ten years ago, when Jen was born, her parents opened up a savings account and deposited $10,000

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