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How much money will jason need to deposit today

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Reference no: EM133009899

Problem 1: Jason just found a mutual fund that promises an 11.5% rate of return. He wants to use it to develop a college fund for his kids. If he wants to have $40,000, 18 years from now, how much money will Jason need to deposit today in the account?

Group of answer choices

Option 1: $2,222.22

Option 2: $283,796.87

Option 3: $5,637.84

Option 4: $5,962.34

Reference no: EM133009899

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