The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.t How large a trust fund, paying 4% compounded quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.t How large a trust fund, paying 4% compounded quarterly, must be established
at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)
Transcribed Image Text:The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.t How large a trust fund, paying 4% compounded quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)
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