Mrs. Jillian has just turned 16 years old and has her mind set on buying a new car by the time she is 20 years old. To achieve this goal she decides to save as much money as she can over this period....

Mrs. Jillian has just turned 16 years old and has her mind set on buying a new car by the time she is 20 years old. To achieve this goal she decides to save as much money as she can over this period. She can afford to save $440 per month. She regularly places the money into an annuity that pays 5.5% per annum compounded monthly.