Saving for College

You want to create a college fund for a child who is now 6 years old. The fund should grow to $61,000 in 12 years. If an investment available to you will yield 12 percent per year, how much must you invest in a lump sum now to realize the $61,000 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.