Imagine that you are a parent, and your child is going to college in 10...
70.2K
Verified Solution
Link Copied!
Question
Finance
Imagine that you are a parent, and your child is going to college in 10 years. Tuition fees amount to $19,000 a year for each of the 4 years. You plan on depositing a lump sum of money today in a bank account paying 6% interest a year, so that you can make these annual tuition fee payments. The first tuition fee payment you make will be 10 years from now. Calculate how much is the lump sum of money you need to deposit now in order to fund these annual tuition fee payments
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
