A trust fund for a 12-year-old child is being set up by a single payment so that when the child is 21 there will be $24,000.If the fund earns interest at the rate of 7.25% compounded quarterly,how much money should be paid into the fund initially?

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The Answer of A trust fund for a 12-year-old child is being set up by a single payment so that when the child is 21 there will be $24,000.If the fund earns interest at the rate of 7.25% compounded quarterly,how much money should be paid into the fund initially?

A Trust Fund for a 12-Year-Old Child Is Being Set