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

the answer is 550,000

Answer 2

you would mutiple 22000 by 5 then divide that by .2 and that would be your answer