The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.+ How large a trust fund, paying 6% compounded quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.+ How large a trust fund, paying 6% compounded
quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)
Transcribed Image Text:The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.+ How large a trust fund, paying 6% compounded quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)
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