Kevin
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Kevin deposits $251.60 each month into an annuity account for his child's college fund. He wishes to accumulate a future value of $70,000 in 17 years. Assuming an APR of 3.5%, how much of the $70,000 will Kevin ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
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