What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $90,000 for their son's college fund in 16 years? (Round your answer to the nearest cent.)

What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $90,000 for their son's college fund in 16 years? (Round your answer to the nearest cent.)

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 2DTM

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