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komari0217
komari0217
09.04.2021 • 
Mathematics

Carol's parents are trying to get her to put some money away for her education. - They figure that when she goes away to University her expenses will be approx. S1500 per month, average out over the entire year (including summer), for 4 years. - They know that when she starts school, having time to earn money will be harder. Whatever she has accumulated by her 18th birthday will be in a bank account earning 3% interest, compounded monthly, from which she will make her monthly withdrawals. Her parents put $10,000 into a GIC the day she is born. It will earn 2.5% interest compounded quarterly until her 18th birthday - They want her to start putting away a little bit of money each month into an account from the time she turns 8. but know that her earning power will increase as she gets older. Each month they want her to put away $5 more than the previous month. Her savings will earn a total of 25% interest over the entire life of the account. - What will be the value of her first deposit on her 8th birthday?

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