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:

Journalism

The profession of gathering, assessing, creating, and presenting news and information to the public.

Wealthy

Having a large amount of money, resources, or assets; individuals or entities in possession of significant economic wealth.

Underrepresentation

The inadequate or disproportionately low representation of a particular group in a certain area or field, compared to their presence in the general population.

People of Color

People of Color is a term used to collectively describe individuals of non-white racial backgrounds, emphasizing diversity and experiences of racial minorities.