What lump sum do parents need to deposit in an account earning 12%, compounded monthly, so that it will grow to $90,000 for their son's college fund in 15 years?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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What lump sum do parents need to deposit in an account earning 12%, compounded monthly, so that it will grow to $90,000 for their son's college fund in 15 years?

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