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You're saving for your daughter's college expenses. She's just turned seven years of age, and you assume she'll start college right when she turns eighteen.
You're saving for your daughter's college expenses. She's just turned seven years of age, and you assume she'll start college right when she turns eighteen. You figure that the total for four years of college will be $200,000. If you can earn 6.6% interest on a college savings plan mutual fund, how much will you need to put in the account now to have $200,000 when your daughter starts college?
Round your answer to the nearest dollar. Show your calculations.
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