You plan to pursue graduate study and expect to study part-time for 3 years. The annual spending including tuition and other related expenses are estimated to be $80,000 payable at the end of each year, growing at 5% per year. Assume that you can earn 8% interest on your savings.

 What is the lump sum that you will need before you start your graduate study?

Answer rating: 100% (QA)

To calculate the lump sum you will need before starting your graduate study we need to determine the ... View the full answer