I want to have a college fund for my daughter. She is 5, so I...

60.1K

Verified Solution

Question

Finance

I want to have a college fund for my daughter. She is 5, so I have 13 years to achieve my goal of $50,000. The bank says I can earn 2%. I have $5,000 already set aside. How much do I need to contribute every year?

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!
Become a Member

Other questions asked by students