P4-8 (similar to) Question Help

Your daughter is currently 7 years old. You anticipate that she will be going to college in 11 years. You would like to have $128,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 8% per year, how much money do you need to put into the account today to ensure that you will have $128,000 in 11 years?

Your deposit today should be $ . (Round to the nearest dollar.)