To save for her newborn son's college education, Kelli Peterson will invest $1,500 at the end of each year for the next 18 years. The interest rate she expects to earn on her investment is 9%
How much money will she have saved by the time her son turns 18?
A) $55,461
B) $69,027
C) $61,952
D) $68,399
Answer: C
Explanation: C) FVIFA = 41.301 × $1,500 = $61,952
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