Question

When your daughter was born, you decided that you would start saving money for her college education, and you felt that you would like to have $50,000 by the time that she turns 18. If you can invest in a long-term account that pays 2% per year, paid quarterly, then how much should you invest monthly to have the required amount in time for your daughter to go off to college? $192.50 $316.34 OOOC $129.08 $578.64 ♡

Answer 1

Given in the question:

a.) You would like to have $50,000 by the time your daughter turns 18.

b.) You can invest in a long-term account that pays 2% per year, paid quarterly.