Your younger sister will start college in one year’s time. The college fees will amount to Sh.80,000 per year for four years payable at the beginning of each year. Anticipating Susie’s ambition, your parents started investing Sh.10,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest for the next five years to have the necessary funds for Susie’s education. Use 10% as the appropriate interest rate throughout the question
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Your younger sister, Susie, will start college in five years. She has just informed your parents that she wants to go to Collegiate U., which will cost $ 8,000 per year for four years (assumed to come at the end of end year). Anticipating Susie’s ambitions, your parents started investing $ 1,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest each year for the...
Your younger sister, Jennifer, will start college in five years. She has just informed your parents that she wants to go to Eastern State U., which will cost $20,000 per year for four years (cost assumed to come at the end of each year). Anticipating Jennifer's ambitions, your parents started investing $3,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest each year for the...
8. Your younger sister, Jennifer, will start college in five years. She has just informed your parents that she wants to go to Eastern State U., which will cost $20,000 per year for four years (cost assumed to come at the end of each year). Anticipating Jennifer's ambitions, your parents started investing $3,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest each year for...
Your younger sister, Linda, will start college in five years. She has just informed your parents that she wants to go to Hampton University, which will cost $36,000 per year for four years (cost assumed to come at the end of each year). Anticipating Linda's ambitions, your parents started investing $5,600 per year five years ago and will continue to do so for five more years. Use 10 percent E as the appropriate interest rate throughout this problem (for discounting...
Your younger sister, Linda, will start college in five years. She has just informed your parents that she wants to go to Hampton University, which will cost $36,000 per year for four years (cost assumed to come at the end of each year). Anticipating Linda's ambitions, your parents started investing $5,600 per year five years ago and will continue to do so for five more years. Use 10 percent as the appropriate interest rate throughout this problem (for discounting or...
Your parents have accumulated a $130,000 nest egg they have been planning to use this money to pay college cost to be incurred by you and your sister Courtney. However, Courtney has decided to forgo college and starting nail salon. Your parents are giving Courtney $34,000 to help her get started, and they have decided to take year and vacations costing $10,000 per year for the next four years. Use 6% as the appropriate interest rate throughout this problem. A....
Lynn Swartz's husband died 3 years ago. Her parents, who have income of over $200,000 per year, want to ensure that funds will be available for the education of Lynn's 8-year-old son, Eric. Lynn is currently earning $45,000 a year. Lynn's parents have suggested that they start a savings account for Eric. They have calculated that if they invest $4,000 per year for the next 8 years, sufficient funds will be available at the end of 10 years for Eric's...
Your parents have accumulated a $140,000 nest egg. They have been planning to use this money to pay college costs to be incurred by you and your sister, Courtney. However, Courtney has decided to forgo college and start a nail salon. Your parents are giving Courtney $29,000 to help her get started, and they have decided to take year-end vacations costing $11,000 per year for the next four years. Use 7 percent as the appropriate interest rate throughout this problem....
30. value: 1.00 points Your parents have accumulated a $150,000 nest egg. They have been planning to use this money to pay college costs to be incurred by you and your sister, Courtney. However, Courtney has decided to forgo college and start a nail salon. Your parents are giving Courtney $18,000 to help her get started, and they have decided to take year-end vacations costing $12,000 per year for the next four years. Use 6 percent as the appropriate interest...
Question 1 (22 points total). Your sister is starting to plan for your niece's college expenses and has asked for your advice. Elle has turned 6 years old today and she will start college when she is 18 years of age. Your sister plans to start saving today, by making a deposit of $5,000 into an account that earns 6% interest per year. Then, she will continue to make deposits at the end of each of the next 12 years,...