Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Elaine has just received an insurance settlement of $ 2 5 , 0 0 0 . She wants to save this money until her daughter

Elaine has just received an insurance settlement of $25,000. She wants to save this money until her daughter goes to college. If she can earn an average of 2.0 percent, compounded annually, how much will she have saved when her daughter enters college 8 years from now?
Group of answer choices
$28,688.08
$39,864.20
$29,291.48
$41,374.89

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

Coaching and motivational behavior

Answered: 1 week ago