What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $100,000 for their son's college fund in 12 years? (Round your answer to the nearest cent.)
What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $100,000 for their son's college fund in 12 years? (Round your answer to the nearest cent.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it will grow to $100,000 for their son's college fund in 12 years? (Round your answer to the nearest cent.)
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