Your cousin is currentty 11 years old She will be going to colege in 7 years. Your aunt and uncle would like to have $95,000 in a savings account to fund her educaton at that time If theaccount promises to pay a fixed interest rate of 3.7% per year, how much money do they need to put into the account today to ensure that they will have $05.000 in 7 years?The amount they need to put away today is S (Round to the nearest cent.)

Money is a commodity accepted by general consent as a medium of economic exchange. Here, we…

Your cousin is curenty 11 years count promses to pay afedi gong to colege in 7 yeaars Your aunt and uncle Hould ike to have 595.000 ina savngs account to tund her education al thal tme money do they need to putinto the account today to ensure that hey wil have S.000 in 7 years The amount hey need to putay vasRound to the nerest cent)

Your cousin is curenty 11 years count promses to pay afedi gong to colege in 7 yeaars Your aunt and uncle Hould ike to have 595.000 ina savngs account to tund her education al thal tme money do they need to putinto the account today to ensure that hey wil have S.000 in 7 years The amount hey need to putay vasRound to the nerest cent)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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