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How much of the million should set aside to attain

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Problem 1: You've just won the $1 million lottery and are planning to further your education starting 2 years from today. Your studies will last 3 years and cost $60,000 a year in tuition and living expenses, available at the beginning of each year. You can invest the $1 million at a rate of 2.5%, compounded annually. How much of the $1 million should you set aside to attain your education goal?

A. $167,182
B. $175,645
C. $180,037
D. $189,151

Reference no: EM132904234

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