Homework Answers
We have to calculate the future value of the money in the given question, it is calculated using the FV function in a financial calculator as follows:-
Calculate for FV, punch in:-
N=4
I/Y=5%
PMT =1200
The result in the calculator will be 5,172.15
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4) To save for his son's college education, Mr. Graff decides to put $50 credit union...
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A new father plans on saving for his daughter’s college education. He will donate $1,000 on her...
A new father plans on saving for his daughter’s college education. He will donate $1,000 on her first birthday. After that, he will increase his donation by 4.00% each year and will make his last contribution on her 18th birthday. If he can earn 7.50% each year in his investment account, how much will his daughter’s college fund be worth on her 18th birthday?
You are going to save money for your son's education. You have decided to place $2,667 every half year at the end of the period into a saving account earning 8.58 percent per year, compounded semi-annually for the next 3 years. How much money will be in the account at the end of that time period? Round the answer to two decimal places.
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3) How much money should be invested at 8% per year so that after 2 years the amount will be $10,000 when the interest is compounded monthly? 4) To save for his son's college education, Mr. Graff decides to put $50 aside every month in a credit union account paying 10% interest compounded monthly. If he begins this saving program when his son is 3 years old, how much will he have saved by the time his son is 18...
4) To save for his son's college education, Mr. Graff decides to put $50 credit union account paying 10% interest compounded monthly. If he begins this coram when his son is 3 years old, how much will he have saved by the time his son is 18 years old?
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