lack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment. CIE The amount that the couple should begin depositing annually at the end of each year is $ (Round to the nearest cent.)
lack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment. CIE The amount that the couple should begin depositing annually at the end of each year is $ (Round to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 33P
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Jack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate
enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment.
The amount that the couple should begin depositing annually at the end of each year is S
This question: point(s)
(Round to the nearest cent)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F29f687f1-7919-495c-98ef-399c65f77ffc%2F75d7878e-5f25-4313-8153-9586c6a464a7%2Fuvuzt1h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
Jack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate
enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment.
The amount that the couple should begin depositing annually at the end of each year is S
This question: point(s)
(Round to the nearest cent)
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