Your cousin is currently 12 years old she will be going to


Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle would like to have $100,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.0% per year, how much money do they need to put into the account today to ensure that they will have $100,000 in 6 years? The amount they need to put away today is $___.

(Round to the nearest cent.)

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Financial Management: Your cousin is currently 12 years old she will be going to
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