Dave and Sharon Sampson established a plan to save 347ℎ(4164 per year) for their children's education. Their oldest child is 5 years old and will begin college in 13 years. They will invest the $347 in a savings account that they expect will earn interest of about 4.8% a year, compounded monthly, over the next 13 years.
This was the original question. However, I was having trouble answering part part d.
d) How would their savings accumulate if they could save 198.5 bi-weekly instead of $347 per month (at 5.8% interest per year).
I am having trouble with identifying the i and n values which are required to solve the formula. Could I get some help?
$FV = 198.5\left(1+(1+\frac{.058}{24})+(1+\frac{.058}{24})^2+\cdots+(1+\frac{.058}{24})^{(13*24)}\right)$