Andres parents established a college savings plan for him wh

Andre’s parents established a college savings plan for him when he was born. They deposited
$50 into the account on the last day of each month. The account has earned 10.9%
compounded monthly, tax-free. How much can they withdraw on his 18th birthday to spend on
his education

Solution

N = 18*12, PV = 0, PMT = 50,rate = 10.9%/12

use FV function in Excel

amount they can withdraw = 33,307.22