3. Brittney won $765,000 in a lawsuit against MIT over theft of intellectual property. She and Santana decide to invest the money in a college fund for their 5-year-old daughter. How much will they have when their daughter is 18? Calculate the balance for each of the following account options: a. 4.36% APR interest compounded continuously b. 4.49% APR interest compounded quarterly c. 4.6% APR interest compounded yearly

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter6: Business Expenses
Section: Chapter Questions
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3. Brittney won $765,000 in a lawsuit against MIT over theft of intellectual property. She and
Santana decide to invest the money in a college fund for their 5-year-old daughter. How much
will they have when their daughter is 18? Calculate the balance for each of the following account
options:
a. 4.36% APR interest compounded continuously
b. 4.49% APR interest compounded quarterly
c. 4.6% APR interest compounded yearly
Transcribed Image Text:3. Brittney won $765,000 in a lawsuit against MIT over theft of intellectual property. She and Santana decide to invest the money in a college fund for their 5-year-old daughter. How much will they have when their daughter is 18? Calculate the balance for each of the following account options: a. 4.36% APR interest compounded continuously b. 4.49% APR interest compounded quarterly c. 4.6% APR interest compounded yearly
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