Suppose you want to provide for the college education of your son. He will begin college six years from now, and you wish to have $$15,000$ available for him at the beginning of each year in college. How much must be invested today at a $12$ percent annual rate of return in order to provide the $4-$year, $$15,000$ annuity for your son?

Question $20$Answer

a$.$

$$45,555$

b$.$

$$45,560\mathrm{.}24$

c$.$

$$28,973$

d$.$

$$23,082\mathrm{.}24$