Amy is 12 years old now and will attend college at age 18. Her parents plan to fund her college for four years. College costs $20,000 per year as of the time when Amy turns to age 18. If her parents have saved $10,000 for this goal. Assume they can invest for 10% per year and inflation is 3.5% per year compounding annually.What’s PV of Amy’s college cost as of the time when Amy turns to age 18? (Hint: college cost happens at the beginning of each year)
This question was answered on: Sep 21, 2023
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