Your cousin is currently 9 years old. She will be going to college in 9 years. Your aunt and uncle would like to have $110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.6% per year, how much money do they need to put into the account today to ensure that they will have $110,000 in 9 years? CARLO The amount they need to put away today is $. (Round to the nearest cent)
Your cousin is currently 9 years old. She will be going to college in 9 years. Your aunt and uncle would like to have $110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.6% per year, how much money do they need to put into the account today to ensure that they will have $110,000 in 9 years? CARLO The amount they need to put away today is $. (Round to the nearest cent)
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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Transcribed Image Text:Your cousin is currently 9 years old. She will be going to college in 9 years. Your aunt and uncle would like to have
K$110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate
of 3.6% per year, how much money do they need to put into the account today to ensure that they will have $110,000
in 9 years?
COLL
The amount they need to put away today is S. (Round to the nearest cent.)
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