Steve Short wants to set up a fund to pay for his daughters education. In order to
Question:
Steve Short wants to set up a fund to pay for his daughter’s education. In order to pay her expenses, he will need $23,000 in four years, $24,300 in five years, and $26,000 in six years, and $28,000 in seven years. If he can put money into a fund that pays 4 percent interest, what lump-sum payment must he place in the fund today to meet his college funding goals?
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Steve needs 8145960 today to fund college PV FV x PV factor 4 4 yrs 23000 x 0855 196...View the full answer
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Sumit kumar
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QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
GNIOT Greater Noida
TERTIARY B.Tech. (2012-2016) in Electronics and Communication Engg. from GLBITM Greater Noida
SECONDARY Senior Secondary School Examination (Class XII) in 2012 from R.S.S.Inter College, Noida
ELEMENTARY Secondary School Examination (Class X) in 2010 from New R.J.C. Public School ,Noida
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Related Book For 
Personal Financial Planning
ISBN: 978-1111971632
13th edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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