1. Jesse estimates that it will cost $300,000 to send his newborn son to a private college in 18 years. He currently has $65,000 to deposit in an account.
a. What simple interest rate would he need so that $65,000 grows into $300,000
in 18 years? Round to the nearest percent. 20%
b. How much would the account earn in three years if the interest was
compounded yearly?
I
C. Look at the table below showing activity for five months. Fill in the missing
information showing the account compounded monthly.