Suppose a Family Wants to Save $60,000 for a Child's

Multiple Choice

Suppose a family wants to save $60,000 for a child's tuition. The child will be attending college in 18 years. For simplicity, assume the family is saving for a one-time college tuition payment. If the interest rate is 6%, then about how much does this family need to deposit in the bank today?

A) $10,000
B) $21,000
C) $42,000
D) $57,000