Suppose you want to begin a college fund for your newborn child. You hope to accumulate $45,000 by 20 years from now. If a current investment opportunity yields 6%, how much must you invest (to the nearest thousand) in a LUMP SUM today to have the $45,000 when needed in 20 years?
Group of answer choices
$13,200
$144,300
$136,200
$14,900
$14,000

Question

Suppose you want to begin a college fund for your newborn child. You hope to accumulate $45,000 by 20 years from now. If a current investment opportunity yields 6%, how much must you invest (to the nearest thousand) in a LUMP SUM today to have the $45,000 when needed in 20 years?

Group of answer choices

$13,200

$144,300

$136,200

$14,900

$14,000

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Solution for - Suppose you want to begin a college fund for your newborn child. You hope to accumulate $45,000 by 2

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