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In six years, you plan on staring graduate school to earn your MBA. you know that graduate school can be expensive, and you expect you
In six years, you plan on staring graduate school to earn your MBA. you know that graduate school can be expensive, and you expect you will neef $25,000 per year for tuition and other school expenses. These payments will be made at the BEGINNING of the school year. To have enough money to attend graduate school, you decide to start saving TODAY by investing in a money market fund that pays 6% annually with monthly compounding. You will make monthly deposits into the account starting TODAY for the next six years. How much will you need to deposit each month to have enough savings for graduate school? (Assume that money that is not withdrawn remains in the account during graduate school and the MBA will take two years to complete)
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