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Sagot :
Answer:
the amount available is $160,463
Explanation:
The computation of the amount available for the daughter's college expenses on her 18th birthday is shown below:
= First deposit × ((1 + rate of interest)^number of years - (1 + growth rate)^number of years) ÷ (rate of interest - growth rate)
= $2,400 × ((1 + 0.09)^18 - (1 + 0.07)^18) ÷ (0.09 - 0.07)
= $160,463
hence, the amount available is $160,463
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