Alfredo and Brittany have a new grandson. How much money should they invest now so that he will have $63,000 for his college education in 18 years? The money is invested at 6% compounded quarterly
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Alfredo and Brittany have a new grandson. How much money should they invest now so that he will have $63,000 for his college education in 18 years? The money is invested at 6% compounded quarterly
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- It is Jerry's 14th birthday and his parents plan to invest some money so that they will have $17 000 on Jerry's 18th birthday for his post-secondary education. They invest in an RESP that pays 8.6% per year, compounded quarterly. How much money must Jerry's parents invest now to reach their goal?Guyton and Jessica have a new grandson. How much money should they invest now so that he will have $79,000 for his college education in 18 years? The money is invested at 4.1% compounded quarterly.Marshall and Tiana have a new grandson. How much money should they invest now so that he will have $63,000 for his college education in 18 years? The money is invested at 4.65% compounded annually.
- Brenda Young desires to have $16,500 eight years from now for her daughter’s college fund. If she will earn 12 percent (compounded annually) on her money, what amount should she deposit now?Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the end of 3 years. She will have enough to pay for the trip if she invests $2,500 per year until that anniversary and plans to make her first $2,500 investment on their first anniversary. Assume her investment earns a 4 percent interest rate, how much will she have saved for their trip if the interest is compounded in each of the following ways? Annually $_______ Quarterly $_________ Monthly $ _________Roger decides to start an investment account by depositing $5,000 today. In one year he will invest $500. He plans to make annual investments that increase by $100 each year ($600 in year two, $700 in year three, etc.). If he earns 9% on his investment, what will his account be worth 6 years from today, assuming he compounds annually
- Donald Trumptobe predicts that in 100 years, he will have four generations of offspring (that is, children, grandchildren, great-grandchildren, and great-great-grandchildren). He estimates that each person will have two children. How much will he have to have deposited so that each of his great-great-grandchildren would have $1,000,000 or more in 100 years if his money earns 6.5% compounded monthly? (Round your answer to the nearest cent.)$ or moreSuppose you want to provide for the college education of your son. He will begin college six years from now, and you wish to have $15,000 available for him at the beginning of each year in college. How much must be invested today at a 12 percent annual rate of return in order to provide the 4-year, $15,000 annuity for your son?Mrs. Lorez wants all of her grandchildren to go to college and decides to help financially. How much must she give to each child at birth if they are to have $10,000 on entering college 18 years later, assuming 6% interest compounded annually?
- Michael’s child is going to college in 13 years. If he saves $ 7,000 a year at 9%compounded annually. How much will be available for Peter’s child education?Mr. Blochirt is creating a college investment fund for his daughter. He will put in $7,000 per year for the next 17 years and expects to earn a 12% annual rate of return. How much money will his daughter have when she starts college?Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the end of 5 years. She will have enough to pay for the trip if she invests $5,000 per year until that anniversary and plans to make her first $5,000 investment on the first anniversary. Assume her investment earns 4% interest rate, how much will she have saved for their trip if the interest is compounded in each of the following ways? a) Annually b) Quarterly c) Monthly
