e Clark family began savings for their child's college 15 years ago. Each year they contributed $7000 per year at the end of each year. In year 4, Clarks were able to contribute an extra $2500 in addition to the usual $700 tribution. Using an interest rate of 4.50%, how much do they have accumulated in their child's college fund?

e Clark family began savings for their child's college 15 years ago. Each year they contributed $7000 per year at the end of each year. In year 4, Clarks were able to contribute an extra $2500 in addition to the usual $700 tribution. Using an interest rate of 4.50%, how much do they have accumulated in their child's college fund?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The Clark family began savings for their child's college 15 years ago. Each year they contributed $7000 per year at the end of each year. In year 4, Clarks were able to contribute an extra $2500 in addition to the usual $7000
contribution. Using an interest rate of 4.50%, how much do they have accumulated in their child's college fund?
$

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