They should deposit ​$ round to the nearest cent

Question

Ann and Tom want to establish a fund for their​ grandson's college education. What lump sum must they deposit at a 10.5 ​% annual interest​ rate, compounded quarterly ​, in order to have ​$60 comma 000 in the fund at the end of 10 ​years?

Answer 1

no wae hoze...yer lukky tu get 2% on yer munee yu put intu sumthun that pae interest.

On the other hand, a small lone offis mae charj yu 35% interest if yu borro from em.