Your friend John started college at the age of 18 with $63,450 already saved, because 18 years ago when he was born his parents placed money into a special college savings account earning 7.25% per year
How much money did John's parents place into his college account?
A) $18,000
B) $3,525
C) $17,262
D) $5,824
Answer: A
Explanation: A) PV = = = $18,000.32
MODE = END
INPUT 18 7.25 ? 0 63,450
KEY N I/Y PV PMT FV
CPT 18,000.32
Business
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