7. Kim and Morgan want to start a college fund for their child. They want to...

Question

Question

7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the chil

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

*Noten de o zorer monthly payment Amount o p (123)**O** For one time payment Amount =P(1+2) a Euture value = $. so, ooo = Amo

The answer is in the pic. If any doubt still remained, let me know in the comment section.

If this solution helped, please don't forget to upvote to encourage us. We need your support. Thanks ☺☺☺ :)

Add a comment

Answer 2

Similar Homework Help Questions

7. Kim and Morgan want to start a college fund for their child. They want to...

7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the child turns 18 years old. They will deposit $5000 the day they open the account. If the account has an annual interest rate of 4.596/year compounded monthly, how much should they deposit every month to ensure that they reach their savings goal? SEIKI
Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits...

Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits will be made into an investment account that provides an annual rate of return of 4.5% compounded monthly. Four withdrawals from the savings fund will be made to help pay for college expenses. The estimated need is $28,000 when the child turns 18 years old, $30,000 at 19 years, $34,000 at 20 years, and $38,000 at age 21. The last monthly payment to the...
You want to start saving for your daughter's college education now. She will enter college at...

You want to start saving for your daughter's college education now. She will enter college at age 18 and will pay fees of $4,000 at the end of each of the four years. You will start your savings by making a deposit in one year and at the end of every year until she begins college. If annual deposits of $2,458.79 will allow you to reach your goal, how old is your daughter now? Assume you can earn 6% annual...

A couple wishes to establish a college fund for their five year old child. The college...

A couple wishes to establish a college fund for their five year old child. The college fund will earn 8% interest (profit) compounded annually. Assuming the child enter college at age 18, the couple estimate that an amount of SAR30,000 per year, in term of today’s riyal, will be required to support the child’s college expenses for four years. College expenses are estimated to increase at an annual rate of 6%. Determine the equal annual deposit the couple must make...
7. You plan to establish a college education fund for your child. The current cost for...

7. You plan to establish a college education fund for your child. The current cost for college is $12,000 per year and you expect this cost to increase by $600 per year. You plan to deposit money into an account earning 10% yearly nominal interest, compounded monthly, at the end of each year for the next 17 years. You will withdraw the amount required for college in the end of years 18 to 21 to pay for college for years...
Cipro Milda is planning a college fund for her child. When the child joins college in...

Cipro Milda is planning a college fund for her child. When the child joins college in 15 years, the tuition payment for the first semester is expected to be $21,000. Thereafter, tuition payments will be due every six months for the following semester. These payments are expected to increase at an annual inflation rate of 3 percent. The child will graduate in eight semesters, so she will have to make a total of eight tuition payments. If she can earn...

cation fund for your child. The current cost for college 7 You plan to establish a...

cation fund for your child. The current cost for college 7 You plan to establish a college education fund for your child. The 000 per vear and you expect this cost to increase by $600 per year. You plan to deposit money into an account earning 10% yearly nominal interest, compounde monthly, at the end of each year for the next 17 years. You will withdraw the ar required for college in the end of years 18 to 21 to...
You want to save for your child’s college. Your child will start to college in 18...

You want to save for your child’s college. Your child will start to college in 18 years and you want to have $152698 at that time. You find a saving plan that will pay 6.0% compounded weekly (52 times per year). How much will you have to deposit weekly to accomplish this?
At your child's birth, you begin contributing monthly to a college fund. The fund pays an...

At your child's birth, you begin contributing monthly to a college fund. The fund pays an APR of 4.5% compounded monthly. You figure your child will need $30,000 at age 18 to begin college. What monthly deposit is required? (Round your answer to the nearest cent.)

a) Let's say a year of college currently costs $20,000 in today's dollars. If your clients' child is currently 9 years o...

a) Let's say a year of college currently costs $20,000 in today's dollars. If your clients' child is currently 9 years old and will start college at 18 years of age, how much will the first year of college cost? Assume college expenses inflate at 3.4% per year, and you can earn an annual rate of return of 6.9% on your investments. b) Let's say that when your clients' child starts college, you estimate that annual tuition will be about...

7. Kim and Morgan want to start a college fund for their child. They want to...

Homework Answers