The parents of 3 children who have just turned 1, 3 and 6 which to set up a trust fund that will pay $30,000 to each child upon attainment of age 18. What amount must the parents now invest in the trust fund, if the fund will earn interest at 8% effective?

Report your answer with two decimal places.

The parents of 3 children who have just turned 1, 3 and 6 which to set up a trust fund that will pay $30,000 to each child upon attainment of age 18. What amount must the parents now invest in the trust fund, if the fund will earn interest at 8% effective? Report your answer with two decimal places. 1) Calculate P1 = amount invested for child just turned 1 = A(18)v17 2) Calculate P, = amount invested for child just turned 3 = A(18)y15 3) Calculate Pg = amount invested for child just turned 6 = A(18) v12 4) Calculate total amount needed to invest by adding up P P, and P3