Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what lump sum do parents need to deposit in an acc

What lump sum do parents need to deposit in an account earning 11%, compounded monthly,...

70.2K

Verified Solution

Question

Accounting

What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $70,000 for their son's college fund in 16 years? (Round your answer to the nearest cent.) $

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Over a sample of 47 voyages. Mr. Sulu found the Starship Enterprise traveled a mean...

Statistics
Q

If you want to reproduce the shuttling experiment as performed during week 3. you will need...

Biology
Q

What determines the electron-group geometry of a molecule? What determines the molecular geometry of a molecule?...

Physics
Q

Match the correct term to the statement that best describes the principle Statement Women should...

Biology
Q

11 In the Lineweaver Burk A y intercept C negative reciprocal of the x intercept...

Biology
Q

A woman earned wages of 32 500 received 1400 in interest from a savings account...

Basic Math
Q

A college student is preparing a course schedule for the next semester. The student must...

Basic Math
Q

Two samples are taken with the following numbers of successes and sample sizes 71 33...

Statistics
Q

Compute the determinant of the following 3x3 matrix 4 1 51 8 8 7 10...

Algebra
Q

Required information Exercise 7-17 (Static) Record the sale of equipment (LO7-6) [The following information applies...

Accounting
Q

Tony and Suzie graduate from college in May 2021 and begin developing their new business....

Accounting
Q

ou are trying to prepare nancial statements for Bartlett Pickle Company, but seem to be...

Accounting