I am setting up a fund for my son to go to college. I figure that he will need $50,000 by the time he is old enough to go to college. I found an account that pays 5.75% compounded monthly. How much will my monthly payment be to get my son set up for college in 17 years?

I am setting up a fund for my son to go to college. I figure that he will need $50,000 by the time he is old enough to go to college. I found an account that pays 5.75% compounded monthly. How much will my monthly payment be to get my son set up for college in 17 years?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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