Monthly Investments
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Suppose that you wish to send your daughter to a private, four-year college. She will not enter college for another fifteen years and the current annual cost is $25,000. Assuming that this annual expense will grow at 5.6% each year and that your annual return on any investment will earn 7.5% per year. You currently have nothing invested.
If you want to invest the same amount each month, what is the monthly amount needed to achieve this goal?
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The expert examines monthly investments and the return on investment.
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Please find my response attached.
I recommend that you use a financial calculator or Excel to solve such problems. However, since financial calculators vary, I'll teach you how to do these problems in ...
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