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A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $70,000 saved up for when she goes to college in 16 years, assuming the account earns a 7% return.

Sagot :

Answer:

11,987 (brainliest plese?)

Step-by-step explanation:

ok so we need a 529 college savings account

7% of 70,000 is 4,900.

But we also need 16 years

after doing addition and multiplication of each number, for each year we will need 11,987

Answer:

$3603.21

Step-by-step explanation:

70000 / 16^0.07 = 3603.2107 would be his yearly deposit 70000/16^1.07 =57651.3712 so he would need to deposit 1/16 of 57651.3712 = 1/16 * 57651.3712 = (57651.3712/16) = 3603.2107  we prove this 3603.21*16^1.07 = 70000

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