Assume the rate of interest stays

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Ashley is planning to attend college when she graduates from high school 7 years from now. She anticipates that she will need $100,000 at the beginning of each college year to pay for tuition and fees and have some spending money. Ashley has made an arrangement with her father to do the household chores if her dad deposits $3500 at the end of each year for the next 7 years in a bank account paying 8% interest. Will there be enough money in the account for Ashley to pay for her college expenses. Assume the rate of interest stays at 8% during college years.

Reference no: EM131062815

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