12) Anticipating college tuition for their child in 12 years, the Earlibees want to deposit a lump sum of money into an account that will provide $100,000 at the end of the twelve-year period. The account selected pays 7%, compounded monthly. How much should they deposit?
12) Anticipating college tuition for their child in 12 years, the Earlibees want to deposit a lump sum of money into an account that will provide $100,000 at the end of the twelve-year period. The account selected pays 7%, compounded monthly. How much should they deposit?
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 6E
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12) Anticipating college tuition for their child in 12 years, the Earlibees want to deposit a lump sum of money into an account that will provide $100,000 at the end of the twelve-year period. The account selected pays 7%, compounded monthly. How much should they deposit?
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