Having received a large inheritance, a child's parents wish to establish a trust for the child's college education. If they need an estimated $120,000 7 years from now, how much should they set aside in trust now if they invest the money at 4.6% compounded quarterly? Continuously?

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A: We will find out the required value.

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.