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How much will Megan need to invest today

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Problem - Megan is thinking about creating a small college fund for her daughter, Jayda, to help Jayda with the first year of tuition. Jayda is four years from starting university, and Megan estimates that tuition will be about $10,000. Megan has $10,000 today, but she wants to spend some of it on a new computer. How much of the $10,000 will Megan need to invest today in an account with a seven-percent interest rate to have enough in four years to pay for the first year of college?

Reference no: EM132920959

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