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a couple plans to save for their child s college education what principal must be deposited by the parents when their chil

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A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)

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Answer to a math question A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)

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108 Answers

42000\left(1+\frac{0.07}{4}\right)^{\left(-4\times18\right)}=12044.01

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