Now, imagine you are the parent, and 18 years ago, your child was born. At the time of your child's birth, you considered saving money for a college education. 5.) How much money would you need to deposit into a savings account at the time of your child's birth (lump sum) if you wanted to have the amount you figured in question #2 in 18 years? (120, 448) If your rate of return is 8% compounded annually. a) b) If interest is 6.8% compounded monthly.

Now, imagine you are the parent, and 18 years ago, your child was born. At the time of your child's birth, you considered saving money for a college education. 5.) How much money would you need to deposit into a savings account at the time of your child's birth (lump sum) if you wanted to have the amount you figured in question #2 in 18 years? (120, 448) If your rate of return is 8% compounded annually. a) b) If interest is 6.8% compounded monthly.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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