Overview
I'm working on a mathematics multi-part question and need a sample draft to help me learn.
A 529 plan is a college savings plan in which a relative can invest money to pay for a child’s later college tuition, and the account grows tax free. If Ken wants to set up a 529 account for his new granddaughter, wants the account to grow to $60,000 over 18 years, and he believes the account will earn 5% compounded monthly, how much will Ken need to invest in the account now? For credit, you need to show the compound interest formula, state the value of each variable, plug them into the formula, and show several algebra steps to arrive at your final answer. Express answer to 2 decimal places (DO NOT ROUND)