paying 8 per cent interest. Will there be enough money in the account for Joie to pay for her college expenses? Assume the rate of interest stays at 8 percent during the college years.
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- Michiko and Saul are planning to attend the same university next year. The university estimates tuition, books, fees, and living costs to be 12,000 per year. Michikos father has agreed to give her the 12,000 she needs to attend the university. Saul has obtained a job at the university that will pay him 14,000 per year. After discussing their respective arrangements, Michiko figures that Saul will be better off than she will. What, if anything, is wrong with Michikos thinking?Laura is saving for the college education of hertwochildren. They are two years apart in age; one will begin college in 7years, another at year 9. She estimates her children’s college expenses to be $30,000 per year per child, paid at the beginningof each college year (first payment for first child is at year 7and so on). The annual interest rate is 6percent. How much money must Laura deposit in an account each year to fund her children’s education? She will begin payments one year from today. She will make your last deposit when her oldest child enters college. Also assume that each child will take 4 years to graduate from college. (Note: This question is worth more)Aziz is planning to attend college when she graduates from high school four years from now. She has made an arrangement with her father to do the household chores if her dad deposits R3570,00 at the end of every six months for the next four years into a bank account. The account pays 8,5% interest per annum, compounded semi-annually. Her father pays and additional R5 550,00 into the account for every R3 570,00 deposit he makes. The first deposit will be made six months from now. How much money will there be in the account for Aziz to pay for her college expenses? A. R12 723,40 B. R60 773,69 OC. R51 596,74 D. R84 786,00
- Jennifer is planning to attend college when she graduates from high school 4years from now. She anticipates that she will need $20,000 at the beginning of each college year to pay for tuition and fees andhave some spending money. Ashley has arranged with her fatherto work in the evenings in his gas-station and he would deposit $15,000 at the end of each year for the next 4years in a bank account paying 12percent interest, compounded daily. Will there be enough money in the account for Jennifer to pay for her college expenses on the day she starts College? Assume the rate of interest stays at 12 percent(compounded daily)throughout these years.Assume there are 365 days in a year.Joanna’s Dad is looking to deposit a sum of money immediately into an account that pays an annual interest rate of 10% so that her first-year's college tuition costs are provided for. Currently, the average college tuition cost is $15,000 and is expected to increase by 5% annually (the average annual inflation rate). Joanna just turned 3 and is expected to start college when she turns 18. How much money will Joanna’s Dad have to deposit into the account?Aziz is planning to attend college when she graduates from high school four years from now. She has made an arrangement with her father to do the household chores if her dad deposits R3570,00 at the end of every six months for the next four years into a bank account. The account pays 8,5% interest per annum, compounded semi-annually. Her father pays and additional R5550,00 into the account for every R3570,00 deposit he makes. The first deposit will be made six months from now. How much money will there be in the account for Aziz to pay for her college expenses?
- When Xian was born, his father Brian deposited a sum of money for the college education of Xian. Brian approximates that when Xian enrolls in college, the annual tuition fee will be about P200,000. So for the duration of his 4-year college course, Brian needs about P800,000. How much did he deposit semi-annually in a fund that earns interest at the rate of 5.5% compounded semi-annually?Demitri's parents begin saving for his college fund when Demetri is 10 years old. They invest $5,000 in a CD that earns 1.2% interest compounded annually. When Demitri turns 18, he decides to attend a local community college for two years. One year of courses costs approximately $2,700. Is there enough money available from the CD to pay for the first two years of Demetri's college education? *A father is planning a savings program to put his daughter through college. His daughter is now 13 years old and he anticipates that he needs to save $ 76,383 for tuition, books and board when his daughter begins college. The daughter recently received $ 9,453 from her grandfather's estate which will also be used to help meet the cost of her education. Assume the father wishes to make 5 equal deposits to a money market account paying 8 percent interest compounded annually. He will make his first deposit one year from today and his last deposit the day she starts college. What will his annual deposits be?
- Brittany's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump sum payment today so their child will have 5 years of prepaid tuition, fees, and housing for college. The college can receive 2.8%, compounded semi-annual in an annuity and will need to have $24,000.00 paid at the end of every six months for 5 years that Brittany will be attending school. If Brittany will attend school in 11 years, how much was deposited with the college?Brittany's parents deposited $ with the college. (Round to 2 decimal places.)Lauren is the proud mother of a new baby girl and plans tosend her daughter to college 19 years from now. Lauren wants tomake a deposit each summer in a special account at her bank whichpays 8% (compounded annually) so that she will have enough moneyset aside that she can withdraw $21,000 at the beginning of eachyear to pay tuition, room and board, etc., for each year of herfour-year education. How much will Lauren have to deposit at theend of each year in order to have enough to pay for her daughter's education?Keith Stone has a 10-year-old daughter, Kate, who will be entering college in 8 years. Keith estimates college costs to be $16,000, $17,000, $18,000, and $19,000 payable at the beginning of each of Kate's four years in college. How much must Keith save each year (assume end-of-year payments) for each of the next 8 years to have enough savings to pay for Kate's education? Assume Keith can earn 9% on his savings.