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QUESTION
Tuition at the Home State University is currently $10,000 per year, increasing on the average of 6% per year.
Tuition at the Home State University is currently $10,000 per year, increasing on the average of 6% per year. What is the lump sum needed at the beginning of the freshman year of college to fund an 8-year old child’s college education for 4 years starting at age 18, if the investment return is expected to be 4%?a.$65,778b.$67,706c.$73,727d.$69,502*** C IS THE CORRECT ANSWER .. PLEASE HELP ME WITH WHAT THE FV, PV, PMT, I/Y AND N ARE!
First we will find the FV of tuition fee after 10 yearsPVrateNPERPV of amount required at the start of college at age 18 yearPV of amount required after 1 year of collegePV of amount required...