Mike estimates that college tuition at State University will be $25,000 per year in five years. If Mike can earn six percent compounded semi-annually, how much must he deposit today in order to fund his son's first year tuition in five years? Available answer options Select only one option A $18,603 B $18,683 C $20,428 D $20,508

Answer rating: 100% (QA)

SOLUTION To calculate the amount Mike must deposit today to fund his sons fi... View the full answer