Elizabeth and William want to begin saving for their child's college education. They estimate that they will need $119000 in twenty years. If they can earn 5% per annum, how much must be deposited at the end of each of the next twenty years to fund the education? O $9549 O $9282 053599

Elizabeth and William want to begin saving for their child's college education. They estimate that they will need $119000 in twenty years. If they can earn 5% per annum, how much must be deposited at the end of each of the next twenty years to fund the education? O $9549 O $9282 053599

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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Elizabeth and William want to begin saving for their child's college education. They estimate that they will need $119000 in twenty
years. If they can earn 5% per annum, how much must be deposited at the end of each of the next twenty years to fund the education?
O $9549
$9282
O $3599
O $3897

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