The couple wants to pay for their child's education. This morning, Henry's parents (the child's grandparents) called
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The couple wants to pay for their child's education. This morning, Henry's parents (the child's grandparents) called him and will send $15,000 (Assume that you do not include this $15,000 to the Youngs' current balance sheet). The couple decides to use this money for their child's education funding. The cost of attending a state university currently runs at approximately $20,000 and is expected to go up @ 5% annually. The expected market return is 8.5% annually. The child will go to college at age 18 and will attend college for 4 years.
Calculate the total cost of education (for all years) needed at the time the child begins college.
Related Book For
Core Concepts Of Accounting Information Systems
ISBN: 9780470507025
11th Edition
Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman
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