The Clark family began savings for their child's college 11 years ago. Each year they contributed $8000 per year at the end of each year. In year 2, Clarks were able to contribute an extra $3000 in addition to the usual $8000 contribution. Using an interest rate of 5.00%, how much do they have accumulated in their child's college fund?

The Clark family began savings for their child's college 11 years ago. Each year they contributed $8000 per year at the end of each year. In year 2, Clarks were able to contribute an extra $3000 in addition to the usual $8000 contribution. Using an interest rate of 5.00%, how much do they have accumulated in their child's college fund?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

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