Jamie was born in May.In August, her grandparents started a "Go to College in France" fund with $2200, earning a fixed annual interest rate of 7%.They added an additional $2200 each year in August until the last deposit in the year Jamie turned 18.Jamie estimated that she needed $90,000 to go start college in France.How much did she have in her "Go to College in France" fund? Did she have enough?
A) $\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 82233.72$ , no
B) $\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 74797.87$ , no
C)$91533.97, yes
D)$87533.83, no
E) $\sum_{n=0}^{18} 2200(1.07)^{n+2}=\$ 74797.87$ , no

Question

Quizplus · Accepted Answer

The correct calculation for the fund is using the formula for the sum of a geometric series, which in this case is $\sum_{n=0}^{18} 2200(1.07)^{n}$. This accounts for the initial deposit and the annual deposits made each year, compounded annually at a 7% interest rate. The total amount, however, is not enough to meet the $90,000 goal.

Jamie Was Born in May ∑n=0182200(1.07)n=$82233.72\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 82233.72∑n=018​2200(1.07)n=$82233.72 , No B) ∑n=0182200(1.07)n=$74797.87\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 74797.87∑n=018​2200(1.07)n=$74797.87

Jamie Was Born in May $\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 82233.72$ , No
B) $\sum_{n=0}^{18} 2200(1.07)^{n}=\$ 74797.87$