Fred and Wilma want to save money to provide for their retirement and for the education of their daughter Pebbles. Pebbles will need $25 000 annually for four years beginning 15 years from now. Fred and Wilma figure that they will both retire 30 years from now and would like to have $100,000 annually for 25 years. Given an interest rate of 9%, how much must Fred and Wilma invest annually if they plan to begin making deposits in one year and will make 30 deposits in all.

How much must Fred and Wilma invest annually?

Answer rating: 100% (QA)

When Pebbels want to spend for education in Bedrock their parents d... View the full answer