Problem
A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday The estimated inflation rate is 8%. If the bank pays 5% compounded annually, what lump sum should he deposit on the child's 4th birthday?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.