Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A parent wants to save up for their newborns college education. They assume college will cost $115,000 in 18 years from now. If they make
A parent wants to save up for their newborns college education. They assume college will cost $115,000 in 18 years from now. If they make a single lump sum deposit into an account that has an annual rate of 6.0% compounded continuously, then what should that deposit be to reach the goal? Round your answer to two decimal places. Do not include the $ sign
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started