The Clark family began savings for their child's college 17 years ago. Each year they contributed $5800 per year at the end of each year. In year 6, Clarks were able to contribute an extra $3000 in addition to the usual $5800 contribution. Using an interest rate of 4.40%, how much do they have accumulated in their child's college fund? INSTRUCTIONS: Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570. Work all analysis using at least four decimal places of accuracy.
The Clark family began savings for their child's college 17 years ago. Each year they contributed $5800 per year at the end of each year. In year 6, Clarks were able to contribute an extra $3000 in addition to the usual $5800 contribution. Using an interest rate of 4.40%, how much do they have accumulated in their child's college fund? INSTRUCTIONS: Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570. Work all analysis using at least four decimal places of accuracy.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The Clark family began savings for their child's college 17 years ago. Each year they contributed $5800 per year at the end of each year. In year 6, Clarks were able to contribute an extra $3000 in addition to the usual $5800 contribution. Using an interest rate of 4.40%, how much do they have accumulated in their child's college fund?
INSTRUCTIONS: Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570. Work all analysis using at least four decimal places of accuracy..
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