Question
A man wants to make a single deposit today that will pay for his grandson's future college education. He expects college to cost $45,000 per
A man wants to make a single deposit today that will pay for his grandson's future college education. He expects college to cost $45,000 per year for 5 consecutive years. Since his grandson is not yet college-age, the first annual bill will not be due until 13 years from today. If the discount rate is 6%, how much money should the man deposit today in order to fully fund the college payments?
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Principles Of Finance With Excel
Authors: Simon Benninga, Tal Mofkadi
3rd Edition
0190296380, 9780190296384
