Answer:
It will take 25 years her to have enough money to start college.
Explanation:
Use Annuity future value To calculate the period.
AFV = P [ ((( 1 + i )^n ) - 1 ) / i]
$20,000 = $750 [ ((( 1 + 0.06 )^n ) - 1 ) / 0.06 ]
($20,000 x 0.06 ) / 750 = ( 1.06 )^n ) - 1
1.6 = 1.06^n
log 1.6 = n log 1.06
n = log 1.6 / log 1.06
n = 25 years
So, It will take 25 years her to have enough money to start college.
