Lucy and Fred Want to Begin Saving for Their Baby's

question 85

Multiple Choice

Lucy and Fred want to begin saving for their baby's college education.They estimate that they will need $250,000 in eighteen years.If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next eighteen years to fund the education?

• A)$8,089.
• B)$7,631.
• C)$13,889.
• D)$7,405.

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Definitions:

Spiders

Arachnids characterized by their eight legs, chelicerae with fangs that inject venom, and the ability to spin webs.

Insecticides

Chemical substances used to kill insects, often utilized in agriculture and pest control to protect plants and crops from insect infestations.

Botanicals

Plant parts or extracts used in the pharmaceutical, food, and cosmetics industry for their medicinal or aromatic properties.

Carbamates

A group of organic compounds derived from carbamic acid, used in pesticides and pharmaceuticals.