Question
The Clark family began savings for their child's college 15 years ago. Each year they contributed $ 6700 per year at the end of each
The Clark family began savings for their child's college 15 years ago. Each year they contributed $6700 per year at the end of each year. In year 7, Clarks were able to contribute an extra $3200 in addition to the usual $6700 contribution. Using an interest rate of 4.80%, how much do they have accumulated in their child's college fund? $ INSTRUCTIONS: Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570. Work all analysis using at least four decimal places of accuracy.
contribution. Using an interest rate of 4.80%, how much do they have accumulated in their child's college fund? \$ analysis using at least four decimal places of accuracyStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started