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How much money is in the college account day

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1. How much money would be accumulated in 5 years with an initial deposit of $10,000, if the account earned interest at 12% per year for the first 3 years and at 15% per year for the last 2 years?

2. On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8% compounded annually. On each of her birthdays thereafter, up to and including her 18th birthday, you deposit an additional $1,000. How much money is in the college account day after her 18th birthday?

Reference no: EM131651125

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