Thelma is planning for her son's college education to begin five years from today. She...
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Thelma is planning for her son's college education to begin five years from today. She estimates the yearly tuition, books, and living expenses to be $5,000 per year for a four-year degree, assuming the expenses incur only at the end of the year. How much must Thelma deposit today, at an interest rate of 8 percent, for her son to be able to withdraw $5,000 per year for four years of college?
| $11,270 | ||
| $20,000 | ||
| $13,620 | ||
| $39,520 |
Please use Excel Functions ONLY -- not formulas copied into Excel. I need to see Excel functions to be able to understand the what, why and how.
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