Your cousin is currently 10 years old. She will be going to college in 8 years. Your aunt and uncle would like to have $ 105 comma 000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.1 % per year, how much money do they need to put into the account today to ensure that they will have $ 105 comma 000 in 8 years?

$76,134.84

Explanation:

Data provided in the given question

Future value = $105,000

Fixed interest rate = 4.1%

Number of years = 8

The calculation of present value is given below:-

= Future value ÷ (1 + rate of return)^number of years

= $105,000 ÷ (1 + 4.1%)^8

= $105,000 ÷ 1.379132002

= $76,134.84

Therefore, we simply applied the present value formula.

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explanation:

odd consecutive integers are odd integers that follow each other. they have a difference of 2 between every two numbers. if n is an odd integer, then n, n+2, n+4 and n+6 will be odd consecutive integers. the first number in the pattern is always the variable on its own or in this case, "n". examples.