Suppose you want to save money for your child's college expenses. You deposit $1,000 at the beginning of each year for 18 years, at an interest rate of 5%. How much is available for your child when he or she starts school? s27,205.00 B $29,539.00 $28,631.00 $25,419.00

Suppose you want to save money for your child's college expenses. You deposit $1,000 at the beginning of each year for 18 years, at an interest rate of 5%. How much is available for your child when he or she starts school? s27,205.00 B $29,539.00 $28,631.00 $25,419.00

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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Suppose you want to save money for your child's college expenses. You deposit $1,000 at the beginning of each year for 18 years, at
an interest rate of 5%. How much is available for your child when he or she starts school?
A s27,205.00
B) s29,539.00
c) s28,631.00
D
$25,419.00

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