A student is planning to attend college in August 2029; he plans to create a fund that
Fantastic news! We've Found the answer you've been seeking!
Question:
A student is planning to attend college in August 2029; he plans to create a fund that will pay for his 4 years of college. The current cost to attend college for the acadmaic year 2014 - 2015 is $35,000 per year. the expeanses have been steadily rising 6.125% each year. The college will nicely allow the 4 years of expenses to paid in full when he starts college. If we assume he can earn 8.4% per annum compunded monthly on his investment, how much does he need to save per month to cover the college expenses if he plans to start investing in January 2015?
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date: