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Problem 2 Congratulations. You just had a daughter, destined for greatness. You plan to start a...
Please show all steps and explain 27) Congratulations, you just had a baby girl today! You...
Please show all steps and explain
27) Congratulations, you just had a baby girl today! You now establish a college fund for her that you hope will grow to $500,000 in value on her 18th birthday. How much will you need to invest in the fun each year if your investments grow at an annual interest rate 8%? 28) You set up a college fund in which you pay $5,000 each year at the beginning of the year. How much...
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...
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...
Retirement Plan Now that you have a house, it’s time for you to plan for retirement....
Retirement Plan Now that you have a house, it’s time for you to plan for retirement. Your plan is to take a certain amount from your salary at the end of each year and invest it in a 401(K) mutual fund. Then when you get sick of your job and want to retire, you will have a fund that you can withdraw from each year to live on. Let’s assume you want to retire at age 60 and your life...
You plan to make two deposits to your bank account - one deposit today for $X...
You plan to make two deposits to your bank account - one deposit today for $X and one deposit in four years for $3X. You would like to withdraw $20,000 from this bank account in 6 years, and another $10,000 in 12 years. You can earn an effective rate of 5% per year. What is $X? (8 points) You want to have enough money in the bank to pay for your daughter’s education when the time comes. You expect to...
Your smart daughter has just turned 6 years old, and she plans to attend college at...
Your smart daughter has just turned 6 years old, and she plans to attend college at age 18. Current education costs per year are $24,000. These costs are expected to grow at a rate of 3% per year for the next 15 years. Assuming that your daughter will spend 4 years in college and that the effective annual interest rate for the next 20 years is 8%, what is the fixed annual amount that you have to put away each...
14. You start saving for your retirement at age 22. You plan to invest $3,000 per...
14. You start saving for your retirement at age 22. You plan to invest $3,000 per year month for 40 years with your first investment occurring at the end of the current year. 1. How large is your retirement fund if you invest at 6%? 2. How large is your retirement fund if you invest at 12%? 3. Assuming you invest at 12%, what is the total amount of your investment? What is the total amount of your investment earnings?
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...
8. You wish to set up a plan for your retirement. Interest rate is 6%. You...
8. You wish to set up a plan for your retirement. Interest rate is 6%. You will start by placing $2,000 in the account one year from now and increase this by 4% per year. At the end of 40 years (from now) you will start withdrawing (removing) money from the account. If you want the fund to last 20 years from when you retire, how much can you withdraw (remove) from the account annually?
2. You just graduated and landed your dream job (congratulations). Your new employer offers a number...
2. You just graduated and landed your dream job (congratulations). Your new employer offers a number of benefits including retirement savings. Five percent of your annual salary will go towards your retirement fund and the employer will match that amount. 2a. Please explain the basic structure of a retirement fund (how does it work?). 2b. Your retirement fund offers three different packages: 1. Invest in the S&P 500 2. Invest in small, start-up companies 3. Invest in government bonds with...
Please show all steps and explain
27) Congratulations, you just had a baby girl today! You now establish a college fund for her that you hope will grow to $500,000 in value on her 18th birthday. How much will you need to invest in the fun each year if your investments grow at an annual interest rate 8%? 28) You set up a college fund in which you pay $5,000 each year at the beginning of the year. How much...
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...
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...
14. You start saving for your retirement at age 22. You plan to invest $3,000 per year month for 40 years with your first investment occurring at the end of the current year. 1. How large is your retirement fund if you invest at 6%? 2. How large is your retirement fund if you invest at 12%? 3. Assuming you invest at 12%, what is the total amount of your investment? What is the total amount of your investment earnings?
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