I need some help with this question! no answers just some help! Tyler begins funding a college education for his son. He saves $1,000 the first year. Each year he saves 5% more than the previous year. How much money will be in the college fund at the end of 18 years?
PLEASE HELP ASAP
The yearly savings is in geometric series:
Using the sum for finite geometric series,
I’ll post the answer anyway:
Therefore, at n = 18 (18 years),