Solve the problem. The average cost of a 4-year college education is projected to be \$120,000 in 17 years. How much money should be invested now at 9\%, compounded quarterly, to provide \$120,000 in 17 years?
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The formula is: \[PV = \frac{FV}{(1 + r)^n}\] Where: PV = Present Value FV = Future Value r = interest rate per period n = number of periods Show more…
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