Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You would like to have $12 thousand saved in 14 years for you child's education. You have decided to make weekly payments into an account

You would like to have $12 thousand saved in 14 years for you child's education. You have decided to make weekly payments into an account that pays 4.8% APR. How large should your weekly payment be in order for you to accumulate the desired amount? Assume you have not yet opened the account.

Enter your answer as a number with two decimal places of precision (an no '$' or ',')

Do NOT enter your answer with a negative sign.

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

Students also viewed these Finance questions