Sabrina's parents opened an education savings account for her when she was born. Now, they would also like to ensure that her little brother Jonah has enough funds to finance his university education. He is currently 6 years old and will need $150 000 in 12 years fiorn now. The interest rate on savings accounts offered by their bank is 6% per year. 

How much money should the parents deposit in the savings account today so that Jonah may have $150 000 in 12 years?

Answer rating: 100% (QA)

To calculate the amount of money the parents should deposit in t... View the full answer