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 $43,000 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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A: Present Value = Future Value / [ 1 + Peroidic Interest rate ]Number of periods

Q: A couple plans to save for their child's college education. What principal must be deposited by the…

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Q: What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so that it…

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Q: Assume the money earns 7% interest, compounded quarterly

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Q: What principal must be deposited

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