The Carlile family wants to begin savings for their child's college. They begin contributing $ 4500 per
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The Carlile family wants to begin savings for their child's college. They begin contributing $4500 per year at the end of this year. They will continue contributing to the account until their daughter goes to college in 18 years. However, the Carliles fell on some bad financial luck in year 6, and only year 6, and are not able to make the usual $4500 contribution. Using an interest rate of 4.50%, how much will they have accumulated in their child's college fund at the end of 18 years?
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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