Your cousin is currently 14 years old. She will be going to college in 4 years....

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Your cousin is currently 14 years old. She will be going to college in 4 years. Your aunt and uncle would like to have $110,0

business accounting

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Answer 1

Answer #1

Calulation of amount to be kept away

Future Amount = Investment*(1+Rate)^{number of
years})

$110000=Investment*(1+0.037)⁴

$110000= Investment*1.20

$110000/1.20= Investment

Investment= $91666.67

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Answer 2

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