Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You plan on starting a 529 plan for your child as soon as they are born. You plan to contribute $11,814 per year for the
You plan on starting a 529 plan for your child as soon as they are born. You plan to contribute $11,814 per year for the first 5 years, at the beginning of each year, and then make no further contributions. If the funds are invested in an index fund that produces an average rate of return of 9.3% per year, how much will the plan be worth by the time your child is 18 and entering college?
Step 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