Q7

Min-Jun and Min-Suh want to contribute

$120,000

to a 529 plan for the benefit of their new grandchild. If done shortly after the birth of the child, with a

7.00

percent annual return and no other contributions, what will the account be worth when the child is 18 and ready to enter college?Click on the table icon to view the FVIF table

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.

When the child is 18 and ready to enter college, the account will be worth

$?.

(Round to the nearest cent.)

Compound Sum of $1 (FVIF) n=18 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 6.5436 7.6900 9.0243 10.5752 12.3755