Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent.
13)5% compounded quarterly _________

13)5% compounded continuously _________

A) $23,444.14, $24,043.68
B) $23,687.36, $23,320.77
C) $23,320.77, $23,444.14
D) $23,687.36, $23,444.14

Question

Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent. ​
13)5% compounded quarterly _________
​
13)5% compounded continuously _________
​
A) $23,444.14, $24,043.68
B) $23,687.36, $23,320.77
C) $23,320.77, $23,444.14
D) $23,687.36, $23,444.14

Quizplus · Accepted Answer

The Answer of Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If 7 year(s) from now they need an estimated $60,000, how much should they set aside in trust now, if they invest the money at the given rate of interest. Round your answer to the nearest cent. ​
13)5% compounded quarterly _________
​
13)5% compounded continuously _________
​
A) $23,444.14, $24,043.68
B) $23,687.36, $23,320.77
C) $23,320.77, $23,444.14
D) $23,687.36, $23,444.14

Having Received a Large Inheritance, a Child's Parents Wish to Establish