A parent of a UPSA is very proud of his newly graduate and has figured out that her son will need about $100,000,000 to attend a University in United States for his graduate studies, and she will like to give him a gift today (which is on the day of his graduation ceremony) to be deposited at a United Sates Bank. Assume that the interest rate for the next 5 years is 6 percent, how much should the parent put into the US bank account now to ensure that there will be enough funds for her son’s graduate education

Answer rating: 100% (QA)

The maturity value of an amount deposited at 6 pa for 5 ... View the full answer