How much money do they need to put into the account today, Financial Management

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How much money do they need to put into the account today

Your cousin is currently 11 years old. She will be going to college in 7 years. Your aunt and uncle would like to have $110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.4% per year, how much money do they need to put into the account today to ensure that they will have $110,000 in 7 years?

The amount they need to put away today is $____ ?

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Financial Management: How much money do they need to put into the account today

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