Question
Suppose you borrow money from your parents for college tuition on January 1, 2019. Your parents require four annual payments of $30,000 each, with the
Suppose you borrow money from your parents for college tuition on January 1, 2019. Your parents require four annual payments of $30,000 each, with the first payment due on January 1, 2023. They are charging you 5% annual interest. What is the cost of college tuition? (Use spreadsheet software or a financial calculator to calculate your answer. Round intermediary calculations to two decimal places and round your final answer to the nearest dollar.) Question content area bottom Part 1 A.$ 91 comma 894 $91,894 B.$ 111 comma 697 $111,697 C.$ 120 comma 000 $120,000 D.$ 88 comma 475 $88,475
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