Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $150,000 in 18 years. If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next 18 years to fund the education? Options: $4,443 $4,579 $4,853 $8,333.
Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $150,000 in 18 years. If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next 18 years to fund the education? Options: $4,443 $4,579 $4,853 $8,333.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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