Question

In order to save for your child's college education, you've decided to begin depositing money into the local bank which is advertising a savings rate of 6% APR. This morning you opened the savings account with a deposit of $1000. $1000 into the account one year from today. You plan to deposit another After the second deposit, you'll make no additional deposits for a few years, but then, 5 years from today, you'll resume making annual deposits. More specifically, starting in 5 years, you plan to make a total of 10 annual deposits (i.e. at t-5, 6, 7, 13, 14). The first of these deposits (i.e. at t = 5) will be $2000. The subsequent 9 deposits will increase in size by 3% per year. All of the money will remain in the account (earning 6% per year) until 18 years from today, when it will be withdrawn and used for college expenses. Part A) How much money will you have in the account after 4 years? Part B) How much money will you have in the account after 14 years? Part C) How much money will you have in the account after 15 years? Part D) How much money will you have in the account after 18 years? (when junior goes to college) Part E)-If the deposits from time 5 to 14 grow at 6% per year (not 3% per year), then how much money will you have in the account after 18 years?
HELP

Answer 1

Answer to First question in the list (Part-A thru D (q) | (r)-(p)+(q) | (s)-(r)x696 | (r)+(s) Year Beg. Bal.Deposits Bal for Int. InterestEnd. Bal. 0.00 $1,000.00 $1,000.00$60.00$1,060.00 2 $1,060.00 $1,000.00 $2,060.00$123.60 $2,183.60 3 $2,183.600.00 $2,183.60$131.02$2,314.62 4 $2,314.62 $0.00$2,314.62 $138.88$2,453.49->Answer to Part-(A) 5 $2,453.49 $2,000.00 $4,453.49$267.21$4,720.70 | $4,720.70|$2,060.00| $6,780. 701 $7,187. 54|$2,121.80| $9,309.34| $9,867.91| $2,185.45| $12,053.36 | $12,776.56 $2,251.02| $15,027.58| $40684| $7,187. 54|[Deposits $2,000 x(1+396)1] $558.56 $9,867.91|[Deposit-$2,000 x (1+396)2] $723.20| $12,776.56[Deposits $2,000 x(1+3%)3] $901.65| $15,929.23[Deposits $2,000 x(1+3%) 10 | $15,92323| $2,318.55|$18,247.78| $1,094.87| $19,342.65[Deposits $2,000 x(1+3%,-] 11 |$19,342.65|$2,388. 10|$21,730.75|$1,303.85| $23,034.60|[Deposits $2,000 x(1+3%)6] 12 | $23,034.60| $2,459.75|$25,494.35| $1,529.65 $27,024.01| [Deposit:S2,000 x(1+396)7] 13 | $27,024.01| $2,533.54|$29,557.55| $1,773.45 $31,331.00|[Deposit:S2,000 x(1+3%)8] 14 | $31,331.00| $2,609.55|$33,940.55| $2,036.43| $35,976.98-Answer to Part-(B); [Deposits $2,000 x(1+3%)9] 15 $35,976.98$0.00 $35,976.98 $2,158.62 $38,135.60Answer to Part-(C) 16 $38,135.60 $0.00 $38,135.60 $2,288.14 $40,423.73 17 $40,423.73 $0.00 $40,423.73 $2,425.42 $42,849.16 18 $42,849.160.00 $42,849.16$2,570.95 $45,420.11-Answer to Part-(D)