Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance Theory And Practice

Authors: Terrence M. Clauretie, G. Stacy Sirmans

5th Edition

0324305508, 9780324305500

More Books

Students also viewed these Finance questions

Question

Analyze the international emergency and crisis management system.

Answered: 1 week ago