Question
Jennifer is your oldest child.Tomorrow is her 4th birthday.You plan to set up a savings plan for Jennifer's university education.You will deposit $3,000, tomorrow and
Jennifer is your oldest child.Tomorrow is her 4th birthday.You plan to set up a savings plan for Jennifer's university education.You will deposit $3,000, tomorrow and every year up to and including her 17th birthday.How much will be available to Jennifer on her 18th birthday?Assume the relevant interest rate is 7.1% per year.Enter your answer to the nearest cent.
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Focus On Personal Finance
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
5th Edition
0077861744, 978-0077861742
