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Asked Sep 27, 2019
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The average cost of a 4-year college education is projected to be $410,000 in 15 years. How much money should be invested now at 7%, compounded quarterly, to provide $140,000 in 15 years? 

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Expert Answer

Step 1

Calculation:

From the given, A = $410,000,  r = 7% and t = 15 years ...

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nt A P1 п P = 1 + - n

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