Jared thinks it would be wise to save for his newly born son's college fund....
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Jared thinks it would be wise to save for his newly born son's college fund. Jared invests $7,000 into a college fund for his son. A company offers APR of 2.7%. The equation for the total amount of the investment is seen below. How much money will Jared's son have in 18 years when he starts college, assuming that the company will not change the APR over the years?A = P(1 + r)?Where,A - total amount of the investment.P - principal (initial amount invested)r - annual percentage rate (as a decimal)t - time in yearsa) $47,285b) $11,307c) $19,804d) $16,620
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