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How much would your parent need to contribute

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Problem - After a tough few years, you are back on your feet and need to start investing for your child's future. Your child has just turned five and on their 18th birthday, you hope to have $25,000 in investments for them. On their 10th birthday, your parents will contribute $6,000 to your child's college fund. Assume that you can earn 6% return per annum. If you could only invest $700 per year, how much would your Parent's need to contribute on your child's 10th birthday in order to meet your goal?

Reference no: EM132853111

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