Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent.

13.5 compounded quarterly

$__________

13.5 compounded continuously

$__________

Question

Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent.
​
13.5 compounded quarterly
​
$__________
​
13.5 compounded continuously
​
$__________

Quizplus · Accepted Answer

The Answer of Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent.
​
13.5 compounded quarterly
​
$__________
​
13.5 compounded continuously
​
$__________

Having Received a Large Inheritance, a Child's Parents Wish to Establish