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myrzilka [38]
3 years ago
12

You think that in 15 years it will cost $214,000 to provide your child with a 4-year collge education. Will you have enough if y

ou take $75,000 toady and invest it for 15 years at 4%?
Business
1 answer:
prisoha [69]3 years ago
8 0

Answer:

You will not have enough.

Explanation:

The rate of the investment is compounded, so the value at year 1, will be the value at year 0, increased in a 4%. Then, the value at year 2 will be the value at year 1, increased in other 4%, that's equal to the value at year 0 increased twice at 4%.

So, the formula to calculating the value at year 15 is 75,000*(1.04)^15 = 135,070.63. THen, it will not be enough. You have to invest at least 214,000/1.04^15 = 118,826.20 at year 0, at a rate of 4%.

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