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ecardo and Bisa have a new grandson. How much money should they invest now so that he will have $51,000 for his college education in 18 years? The money is invested at 5.1% compounded semiannually.

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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Recardo and Bisa have a new grandson. How much money should they invest now so that he will have $51,000 for his college education in 18 years? The money is invested at 5.1% compounded semiannually.

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