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Kelly Seaver has decided to start saving for her daughter’s college education. Kelly wants to accumulate $32,000. The bank will pay interest at the rate of 4% compounded annually. If Kelly plans to make payments of $1,600 at the end of each year, how long will it take her to accumulate $32,000?

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The length of time that it will take Kelly Seaver to accumulate the money needed for her daughter's college education is 15 years.

How to find the time to accumulate the college education savings?

To find the time needed for Kelly Seaver to accumulate the $32, 000 that will be needed for her daughter's college education, use the NPER function in a spreadsheet.

Rate = 4%

Pmt ( Payment ) = $1, 600 a year

PV = $0

FV (Future value ) = $32, 000

The number of years would then be 14.987 or 15 years.

Find out more on accumulating savings at https://brainly.com/question/29537200

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