Hale College predicts that in 10 years it will take $200,000 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 11 % compounded monthly in order to have $200,000 in the account in 10 years? Round your answer to the nearest cent, if necessary. Formulas

Hale College predicts that in 10 years it will take $200,000 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 11 % compounded monthly in order to have $200,000 in the account in 10 years? Round your answer to the nearest cent, if necessary. Formulas

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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