Question
Mr. and Mrs. Megabucks would like to set up a college fund for their grandson. They want him to be able to withdraw $1,750 each
Mr. and Mrs. Megabucks would like to set up a college fund for their grandson. They want him to be able to withdraw $1,750 each month for the two years he will be in college.
Their grandson is currently celebrating his second birthday. His first college withdrawal will be on his 19th birthday. The college fund will earn j12=2.4%.
How much must they deposit today into the college fund?
(I used BA II Plus calculator got the value of the 19th year's value of two years fee in college.then bring the value to today but i got a wrong answer, please help
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