P3-26 Your cousin is currently 12 years old. She will be going to college in 6...

Transcribed Image Text:

P3-26 Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle would like to have $100,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.0% per year, how much money do they need to put into the account today to ensure that they will have $100,000 in 6 years? P3-26 Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle would like to have $100,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.0% per year, how much money do they need to put into the account today to ensure that they will have $100,000 in 6 years?