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
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.