Question
Romina's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump
Romina's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump sum payment today so their child will have 5 years of prepaid tuition, fees, and housing for college. The college can receive 1.8%, compounded semi-annual in an annuity and will need to have $34,000.00 paid at the end of every six months for 5 years that Romina will be attending school. If Romina will attend school in 9 years, how much was deposited with the college? Romina's parents deposited $ with the college. (Round to 2 decimal places.)
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