You invest $5,000 today at an annual interest rate of 6.35%, how much money will you have for your daughter's college education in 18 years?
A) $5,603
B) $10,000
C) $15,144
D) There is not enough information to answer this question.
Answer: C
Explanation: C) FV = PV ∗ (1 + r)n = $5,000 ∗ (1.0635)18 = $15,144.15
MODE = END
INPUT 18 6.35 -5,000 0 ?
KEY N I/Y PV PMT FV
CPT 15,144.15
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