question archive The semiannual tuition payment at a major university is expected to be $38,000 for the 4 years beginning 18 years from now
The semiannual tuition payment at a major university is expected to be $38,000 for the 4 years beginning 18 years from now
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The semiannual tuition payment at a major university is expected to be $38,000 for the 4 years beginning 18 years from now. What lump sum payment should the university accept now, in lieu of tuition payments beginning 18 years, 6 months from now? Assume that money is worth 10%, compounded semiannually, and that tuition is paid at the end of each half-year for 4 years. (Round your answer to the nearest cent.)
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