Assume the Total Expense for Your Current Year in College

question 79

Multiple Choice

Assume the total expense for your current year in college equals $20,000.Approximately how much would your parents have needed to invest 21 years ago in an account paying 8 percent compounded annually to cover this amount?

• A)$952
• B)$1,600
• C)$1,728
• D)$3,973 $20,000 = x(1.08)²¹
• $20,000 = 5.0338x

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