Revere College predicts that in 6 years it will take $150,000 to attend the college for four years. Madison has a substantial amount of cash and wishes to invest a lump sum of money for her child’s college fund. How much should Madison put aside in an account with an APR of 8% compounded monthly in order to have $150,000 in the account in 6 years?

Answer rating: 100% (QA)

You can calculate the present value needed to reach the future amount of 150000 using ... View the full answer