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7. Future Value of Annuity. Michelle is attending college, has a part-time job, and lives at home. Michelle wants to prepare for the possibility that
7. Future Value of Annuity. Michelle is attending college, has a part-time job, and lives at home. Michelle wants to prepare for the possibility that she may have to move depending on job opportunities after graduation. Michelle decides to start a "relocation fund". Michelle has found a conservative mutual fund that has averaged 5% annual returns over the past several years. If Michelle invests $200 per month, how much could she potentially have in 5 years assuming returns are compounded monthly? |
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