In Order to Send Your Oldest Child to Law School

question 18

Short Answer

In order to send your oldest child to law school when the time comes, you want to accumulate $40,000 at the end of 18 years. Assuming that your savings account will pay 6% compounded annually, how much would you have to deposit if:
a. you want to deposit an amount annually at the end of each year?
b. you want to deposit one large lump sum today?

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Definitions:

Palliative Care

Specialized medical care focused on providing relief from the symptoms and stress of serious illnesses, aimed at improving quality of life.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, typically developing in infancy.

Emotional Outbursts

Sudden and intense expressions of strong emotions, often seen as disproportionate reactions to the situation.

Fine Motor Skills

The ability to make movements using the small muscles in our hands and wrists, important for tasks like writing and buttoning clothes.