Your cousin is currently 13 years old. She will be going to college in 5 years. Your aunt and uncle would like to have $115,000 in a savings account to fund her education at that time. If the account...

Your cousin is currently 13 years old. She will be going to college in 5 years. Your aunt and uncle would like to have $115,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.2% per year, how much money do they need to put into the account today to ensure that they will have $115,000 in 5 years? The amount they need to put away today is The amount they need to put away today is $______(Round to the nearest cent.)

Jun 09, 2022
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