Lucas is starting a college fund for his newborn daughter. He decides to invest $200 a month in an ordinary annuity paying 5.2% compounded monthly. Determine the accumulated amount in the college fund after 18 years.

Lucas is starting a college fund for his newborn daughter. He decides to invest $200 a month in an ordinary annuity paying 5.2% compounded monthly. Determine the accumulated amount in the college fund after 18 years.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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