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How much lump sum should deposit in the bank

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Question: You want to deposit enough money in a bank account for your sonâ€TMs education. You estimate that he will need $7,000 per year for four years, starting on his 18th birthday. Today is his first birthday. If you earn 10% interest, how much lump sum should you deposit in the bank today to provide for his education?

a. $3,538.33

b. $3,963.27

c. $2,298.41

d. $4,828.39

Reference no: EM131763454

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