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Jane's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump
Jane's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump sum payment today so their child will have 4 years of prepaid tuition, fees, and housing for college. The college can receive 2.9%, compounded semi-annual in an annuity and will need to have $32,000.00 paid at the end of every six months for 4 years that Jane will be attending school. If Jane will attend school in 9 years, how much was deposited with the college?
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