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Calculating future value of an annuity

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12. Your baby girl, Jessica, was born yesterday!! You have made a decision that you need to start a savings program to fund that future college education. After speaking with members of your finance class you decide to save $150 a month for the next 18 years. You feel you can get 8% average return on the savings over the 18 years with monthly compounding. How much will you have in the savings fund when Jessica is ready to enter college in 18 years?

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You will find the answer to this puzzling question inside. The expert calculates the future value of an annuity. Monthly compounds are found.

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