(30 pts) A couple wants to have $80,000 for their daughter to go to college in...
- (30 pts) A couple wants to have $80,000 for their daughter to go to college in 15 years from now. How much money should they put in the bank monthly, if they are getting 6% annual interest compounded monthly?
- (10 pts) Draw the cash flow diagram.
b) (20 pts) What should be the amount of uniform deposit done monthly?
Homework Answers
Total months = 15 * 12 = 180 months
i = 6% = 6% / 12 = 0.5% per month
Monthly deposit = 80000 * (A/F, 0.5%,180)
= 80000 * 0.005 / ((1 + 0.005)^180-1)
= 80000 * 0.005 / ((1.005)^180-1)
= 80000 * 0.003439
= 275.08
CFD
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(30 pts) A couple wants to have $80,000 for their daughter to go to college in...
2) (30 pts) A couple wants to have $80,000 for their daughter to go to college...
2) (30 pts) A couple wants to have $80,000 for their daughter to go to college in 15 years from now. How much money should they put in the bank monthly, if they are getting 6% annual interest compounded monthly a) (10 pts) Draw the cash flow diagram. b) (20 pts) What should be the amount of uniform deposit done monthly?
Please show all work in legible writing, thank you A couple wants to have $80,000 for their daughter to go to college i...
Please show all work in legible writing, thank you
A couple wants to have $80,000 for their daughter to go to college in 15 years from now. How much money should they put in the bank monthly, if they are getting 6% annual interest compounded monthly? Draw the cash flow diagram a) b) What should be the amount of uniform deposit done monthly?
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2) (30 pts) A couple wants to have $1,200,000 for retirement in 30 years from now. How much money should they put in the bank monthly, if they are getting 4% annual interest compounded monthly? a) (10 pts) Draw the cash flow diagram. Negative money is out of your pocket. b) (20 pts) What should be the amount of uniform deposit done monthly?
help plz 3) (30 pts) A Mother wanted to provide her daughter with a college education...
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3) (30 pts) A Mother wanted to provide her daughter with a college education so every monthly paycheck she put $200 into the bank. If the bank was giving her 6% annual interest, how much money will the daughter have towards college after 18 years of working? a) (10 pts). Draw the cash flow diagram. Negative money is out of your pocket. b) (20 pts) What will be the future amount of money in her college account?
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(20 pts) A woman decides to put a lump sum of money into a certified deposit...
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2) (30 pts) A couple wants to have $80,000 for their daughter to go to college in 15 years from now. How much money should they put in the bank monthly, if they are getting 6% annual interest compounded monthly a) (10 pts) Draw the cash flow diagram. b) (20 pts) What should be the amount of uniform deposit done monthly?
Please show all work in legible writing, thank you
A couple wants to have $80,000 for their daughter to go to college in 15 years from now. How much money should they put in the bank monthly, if they are getting 6% annual interest compounded monthly? Draw the cash flow diagram a) b) What should be the amount of uniform deposit done monthly?
help plz
2) (30 pts) A couple wants to have $1,200,000 for retirement in 30 years from now. How much money should they put in the bank monthly, if they are getting 4% annual interest compounded monthly? a) (10 pts) Draw the cash flow diagram. Negative money is out of your pocket. b) (20 pts) What should be the amount of uniform deposit done monthly?
help plz
3) (30 pts) A Mother wanted to provide her daughter with a college education so every monthly paycheck she put $200 into the bank. If the bank was giving her 6% annual interest, how much money will the daughter have towards college after 18 years of working? a) (10 pts). Draw the cash flow diagram. Negative money is out of your pocket. b) (20 pts) What will be the future amount of money in her college account?
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
(20 pts) A woman decides to put a lump sum of money into a certified deposit for 3 earming a 4) monthly interest rate of 0.75 %. She wants to have $2,800 to go on a cruise through the Mediterranean. How much money does she need to put into the certified deposit? years b) (10 pts) Draw the cash flow diagram. b) (10 pts) What is the amount of money deposited initially?
College Problem ther and mother are planning a savings program to put their daughter through college. Their mer is now 4 years old. She plans to enroll at the university when she is 18 and it should take her 4 years to complete her education. Currently, the cost per year (for tuition, etc.) is $12,000, but a 370 ation rate in these costs is forecasted. The cost for each year of college will be withdrawn when she turns 18, 19,...
help plz
4) (20 pts) A man decides to put a lump sum of money into a certified deposit for 5 years earning a monthly interest rate of 0.50%. He wants to have $4,000 to go on a vacation to Spain. How much money does he need to put into the certified deposit? (10 pts) Draw the cash flow diagram. Negative money is out of your pocket. a) b) (10 pts) What is the amount of money deposited initially?
3) (30 pts) A young man followed the advice of his Dad and started saving some money directly from every monthly paycheck where he put $175 into the bank. If the bank was giving him 4% annual interest, how much money will the young man have after 40 years of working? a) (10 pts) Draw the cash flow diagram. b) (20 pts) What will be the future amount of money in his bank account?
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