The Nelson family invests $6,000 into an account that earns 4.85% annual interest. They deposit an additional $175 each month. At the end of 5 years, will the value in the account be enough to pay for at least the first year of college?

Answers

Answer 1

The amount after five years is calculated by compound interest to be $19733 and it can pay for the first year of college.

For the first year;

Initial money invested = $6,000

Money deposited monthly throughout the year = 12 ×  $175 = $2100

Total principal = $6,000 + $2100 = $8,100

Interest = $8,100 × 4.85 × 1/100 = $392.85

Second year;

Principal = $8,100 + $392.85 + $2100 =$ 10592.85

Interest = $ 10592.85 × 4.85 × 1/100 = $ 513.75

Third year;

Principal = $ 10592.85 +  $ 513.75 +  $2100 = $13206.6

Interest =  $13206.6  × 4.85 × 1/100 = $640.5

Fourth year;

Principal = $13206.6 + $640.5 + $2100 = $15947.1

Interest = $15947.1 × 4.85 × 1/100 = $773.4

Fifth year;

Principal = $15947.1 + $773.4 + $2100 = $18820.5

Interest =  $18820.5  × 4.85 × 1/100 = $912.8

Money at the end of five years; $18820.5 + $912.8 = $19733

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