What amount need to set aside today

Reference no: EM131965437

Question: David and Iantha expect their 10-year-old daughter to get married someday. They estimate that her wedding would cost $30,000 today. Wedding costs will increase by 3% per year, and she will marry in 15 years. David and Iantha earn a pre-tax annual rate of 5%. They are in the 20% marginal tax bracket. What amount do they need to set aside today for their daughter's wedding?

Reference no: EM131965437

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