Question

The cost of attendance at State University is $22,000 for the first year. Devise a periodic savings plan that will allow you to make small deposits for 5 years at a simple interest rate of 2% and save enough to pay for the first year at the university.

Answer 1

is there any answer choices?

Answer 2

Year Amount Saved Total Saved With Interest
1 $1,400.01 $1,400.01 $1,428.01
2 $1,400.01 $2,828.02 $2,884.58
3 $1,400.01 $4,284.59 $4,370.28
4 $1,400.01 $5,770.29 $5,885.70
5 $1,400.01 $7,285.71 $7,431.42

Grand Total $22,000.00

I did this using Excel, if you have any questions let me know :)