Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Q3 Chris is planning for her sonâs university education to begin five years from today She...

Q3 Chris is planning for her sonâs university education to begin five years from today She estimates the yearly tuition books and living expenses to be 5000 per year for a fouryear degree

Q3. Chris is planning for her son’s university education to begin five years from today. She estimates the yearly tuition, books and living expenses to be $5,000 per year for a four-year degree. Assume that all living expenses are paid in full at the beginning of each year of study. How much must Chris deposit today, at an interest rate of 8%, for her son to be able to withdraw $5,000 per year for four years of university?

A. $20,000 B. $11,277 C. $13,620 D. $39,520 E. $12,173

 

Sep 06 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions