The Clark family began savings for their child's college 11 years ago. Each year they contributed $8000 per year at the end of each year. In year 2, Clarks were able to contribute an extra $3000 in addition to the usual $8000 contribution. Using an interest rate of 5.00%, how much do they have accumulated in their child's college fund?
The Clark family began savings for their child's college 11 years ago. Each year they contributed $8000 per year at the end of each year. In year 2, Clarks were able to contribute an extra $3000 in addition to the usual $8000 contribution. Using an interest rate of 5.00%, how much do they have accumulated in their child's college fund?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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The Clark family began savings for their child's college 11 years ago. Each year they contributed $8000 per year at the end of each year. In year 2, Clarks were able to contribute an extra $3000 in addition to the usual $8000 contribution. Using an interest rate of 5.00%, how much do they have accumulated in their child's college fund?
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