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How much money was in the vacation fund at maturity

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Ms McDaniel, on the birth of her son, Joseph, established two investment accounts. The first was for his education and the second was to take him to Disney World on a vacation. She saved $6,000 per month for his education, which is expected to mature in 18 years. This investment was made at the beginning of the month and all subsequent deposits were made at the start of each month. The investment for the vacation started at the end of the first quarter with the quarterly savings being $8,000. All subsequent deposits were made at the end of the quarter with a maturity date in 10 years. The education fund has an average return of 12% compounded monthly and the vacation fund's average return is 12% compounded quarterly.

Question 1: How much money was in the education fund at maturity?

Question 2: How much money was in the vacation fund at maturity?

Reference no: EM132518105

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