How much must be deposited today into the following account in order to have a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

How much must be deposited today into the following account in order to have a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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