Sam Long anticipates he will need approximately 226400 in 11

Sam Long anticipates he will need approximately $226,400 in 11 years to cover his 3-year-old daughter

Hi,

Please find the detailed answer as follows:

Nper = 11*2 =22 (indicates the period)

PV = ? (indicates the price)

FV = -226400 (indicates the desired value)

Rate = 6%/2 = 3% (indicates rate)

PMT = 0 (indicates the amount of interest payment)

Amount Needed Today = PV(Rate,Nper,PMT,FV) = PV(3%,22,0,-226400) = $118156.46 or $118156.5

Thanks.