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A grandmother is looking for a plan to finance her new grandchild's college education. She has $50,000 to invest. Search the internet and locate a long-range investment plan, CD, Savings Bond, etc, for the grandmother.The plan is to earn compound interest.
Calculate the future value of the investment. You must use the advertised interest rate, the number of compounding periods per year, and the time the funds will be invested.If you are not given the number of compounding periods a year, make it up.
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Customers of a phone company can choose between two service plans for long distance calls. The first plan has a $30 one time activation fee and charges 8 cents a minute.
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