What is the present value of the tuition payments

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Your t daughter is about to start kindergarten at a private school. Tuition is $12,500 per year, payable at the beginning of the school year. You expect to keep your daughter in private school through high school. You expect tuition to increase at a rate of 5% per year over the 13 years of her schooling.

Question 1: What is the present value of the tuition payments if the interest rate is (APR) 4% quarterly compounding ? How much would you need to have in the bank now to fund all 13 years of tuition?

Reference no: EM132525037

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