Pam and Tim decide to start saving money for their daughter's college education. They open a college savings plan with a 400 initial investment and next month start to make monthly deposits of 100. If the account pays 8.00% compounded monthly, how much will the account be worth after 180 deposits? Be sure to include the initial investment in the computation.
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An excel spreadsheet is very helpful for these kinds of calculations.
worth $35,935.41.
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