P4-8 (similar to) Question Help Your daughter is currently 66 years old. You ant
ID: 2780661 • Letter: P
Question
P4-8 (similar to)
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Your daughter is currently
66
years old. You anticipate that she will be going to college in
1212
years. You would like to have
$ 135 comma 000$135,000
in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of
3 %3%
per year, how much money do you need to put into the account today to ensure that you will have
$ 135 comma 000$135,000
in
1212
years? Your deposit today should be
$nothing.
(Round to the nearest dollar.)
P4-8 (similar to)
Question Help
Explanation / Answer
amount that needs to be put in the account = 135,000/1.0312
amount that needs to be put in the account = 94,686.28
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