Saving for College

You want to create a college fund for a child who is now 5 years old. The fund should grow to $58,000 in 13 years. If an investment available to you will yield 4 percent per year, how much must you invest in a lump sum now to realize the $58,000 when needed? Round your answer to nearest dollar. (Hint: Use Appendix A-2 or visit the Garman/Forgue companion website.) Round Present Value of a Single Amount in intermediate calculations to four decimal places.

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