Mr chins granddaughter ling is 8 years old mr chin would

Reference no: EM13572585

Mr. Chin's granddaughter Ling is 8 years old. Mr. Chin would like to help Ling's parents pay for Ling's college education. Mr. Chin will save $200 in his checking account each month. At the end of each year, he will place his savings in an investment account. Mr. Chin has already been saving for 1 year and will be investing his first year of savings immediately. If the investment account earns a 6% return annually, how much money will be available for Ling's education when she is 18? Round your answer to the nearest $1.00 and write your answer without using a $ sign (e.g., 2,000.00 NOT $2,000.00)

Reference no: EM13572585

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