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.