typed out

Your dream is to attend MIT (Massachusetts Institute of Technology) so that you can become a future Nobel Laurette. It is a leading center for science and research and ranked one of the world's top universities. It also comes with a hefty price tag for attendance. That being said, if you want to go to MIT, you must be willing to spend the $$$. It is estimated that MIT will cost a total of $400,000 (lump sum) by the time your child reaches 18 years of age. How much would your parents or guardians have to put away every year for 18 years, starting with your first birthday (not the day you were born, but the day you reached one year of age), in order to have enough for you to attend MIT when you turned 18? Assume a growth rate of 8% per annum. Please indicate a numerical answer to the nearest dollar (e.g. $12,000, not $12,000.45). This discussion board will close when Appendix G closes