Question
A family wishes to accumulate $50,000 in a college education fund at the end of 20 years. If they deposit $1000 in the fund at
A family wishes to accumulate $50,000 in a college education fund at the end of 20 years. If they deposit $1000 in the fund at the end of each of the first 10 years and S1000+X in the fund at the end of each of the second 10 years, find X if the fund earns 7% effective.
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Step: 1
To accumulate 50000 in a college education fund at the end of 20 years you can use the future value ...
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Step: 2
Step: 3
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Personal Financial Planning
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
15th Edition
978-0357438480, 0357438485
