The Smiths are planning ahead for their daughter’s education. She’s 8 now and will start college in 10 years. How much will they need to set aside each year to have $65,000 in 10 years if the annual interest rate is 7%?

The Smiths are planning ahead for their daughter’s education. She’s 8 now and will start college in 10 years. How much will they need to set aside each year to have $65,000 in 10 years if the annual interest rate is 7%?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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