You plan to set up a trust that will provide your newborn son with $1,000,000 on the day he turns 2 If you can earn a 6.5% annual return, how much do you have to deposit in the trust on his 1st birthday to fund the trust? How much would you have to deposit each month between his 1^st and 21^st birthday?

Answer rating: 100% (QA)

You can find the amount to deposit on the first birthday and the monthly deposits by calculating the ... View the full answer