Q 20

Your cousin is currently 11 years old. She will be going to college in 7 years. Your aunt and uncle would like to have $110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.6% per year, how much money do they need to put into the account today to ensure that they will have $110,000 in 7 years? The amount they need to put away today is $ (Round to the nearest cent.)