What you’ll learn to do: Use summation notation and other formulas to make calculations for a series
A couple decides to start a college fund for their daughter. They plan to invest $50 in the fund each month. The fund pays 6% annual interest, compounded monthly. How much money will they have saved when their daughter is ready to start college in 6 years? In this section we will learn how to answer this question. To do so we need to consider the amount of money invested and the amount of interest earned.
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- College Algebra. Authored by: Abramson, Jay et al.. Provided by: OpenStax. Located at: http://cnx.org/contents/9b08c294-057f-4201-9f48-5d6ad992740d@5.2. License: CC BY: Attribution. License Terms: Download for free at http://cnx.org/contents/9b08c294-057f-4201-9f48-5d6ad992740d@5.2
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- Precalculus. Authored by: OpenStax College. Provided by: OpenStax. Located at: http://cnx.org/contents/fd53eae1-fa23-47c7-bb1b-972349835c3c@5.175:1/Preface. License: CC BY: Attribution
