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:

Conveyor Belt

A mechanical handling equipment used to transport materials or items from one location to another in a continuous motion.

Physical Strain

Physical stress or discomfort experienced by an individual due to excessive physical activity or manual labor.

Pre-surgical Checklists

Standardized lists used before surgical procedures to ensure all necessary steps are taken for patient safety and procedure readiness.

Simplifying Work

The act of making tasks or processes easier to complete, often by removing unnecessary steps or complexities.