A couple plans to invest money for their child's college education. What principal must be deposited by the parents when their child turns 7 in order to have 30,000 when the child reaches the age of 18? Assume the money earns 6% interest, compounded quarterly.

A couple plans to invest money for their child's college education. What principal must be deposited by the parents when their child turns 7 in order to have 30,000 when the child reaches the age of 18? Assume the money earns 6% interest, compounded quarterly.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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