How much must be deposited today into the following account in order to have a $130,000 college fund in 16 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.8% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

Advanced Engineering Mathematics
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ISBN:9780470458365
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Chapter2: Second-order Linear Odes
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How much must be deposited today into the following account in order to have a $130,000 college fund in 16 years? Assume no aditional deposits are made.
An account with annual compounding and an APR of 4.8%
$ should be deposited today.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:How much must be deposited today into the following account in order to have a $130,000 college fund in 16 years? Assume no aditional deposits are made. An account with annual compounding and an APR of 4.8% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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