How much did she have to deposit into this trust account

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Reference no: EM131719909

When Steven was 3 years old (on his birthday), his grandmother decided to set up a trust account to pay for his college education. She wanted the account to grow to $100,000 by his 18th birthday. If she was able to invest her money at 7% per year, how much did she have to deposit into this trust account? (Note: The amount deposited is known as the present value of the investment. The $100,000 is known as the future value. Round your answer to the nearest cent.)

Reference no: EM131719909

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