Attucks College predicts that in 12 years it will take $250,000 to attend the college for four years. Alexis has a substantial amount of cash and wishes to invest a lump sum of money for her child’s college fund. How much should Alexis put aside in an account with an APR of 9% compounded monthly in order to have $250,000 in the account in 12 years? Round your answer to the nearest cent, if necessary.

Attucks College predicts that in 12 years it will take $250,000 to attend the college for four years. Alexis has a substantial amount of cash and wishes to invest a lump sum of money for her child’s college fund. How much should Alexis put aside in an account with an APR of 9% compounded monthly in order to have $250,000 in the account in 12 years? Round your answer to the nearest cent, if necessary.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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