Problem: Beginning three months from now, you want to be able to withdraw $1,700 each quarter from your bank account to cover college expenses over the next 4 years. The account pays 1.25 percent interest per quarter. How much do you need to have in your account today to meet your expense needs over the next 4 years?
- $24,514.50
- $25,068.00
- $24,847.15
- $25,711.18
- $25,454.09