Business, 19.06.2020 02:57 katykatmeelee
Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $ 4 comma 909 in it and pays an interest rate of 3 %. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account?
Answers: 1
Business, 22.06.2019 20:30, jacobbecker99
John and daphne are saving for their daughter ellen's college education. ellen just turned 10 at (t = 0), and she will be entering college 8 years from now (at t = 8). college tuition and expenses at state u. are currently $14,500 a year, but they are expected to increase at a rate of 3.5% a year. ellen should graduate in 4 years--if she takes longer or wants to go to graduate school, she will be on her own. tuition and other costs will be due at the beginning of each school year (at t = 8, 9, 10, and 11).so far, john and daphne have accumulated $15,000 in their college savings account (at t = 0). their long-run financial plan is to add an additional $5,000 in each of the next 4 years (at t = 1, 2, 3, and 4). then they plan to make 3 equal annual contributions in each of the following years, t = 5, 6, and 7. they expect their investment account to earn 9%. how large must the annual payments at t = 5, 6, and 7 be to cover ellen's anticipated college costs? a. $1,965.21b. $2,068.64c. $2,177.51d. $2,292.12e. $2,412.76
Answers: 1
Your grandfather put some money into an account for you on the day you were born. You are now 18 yea...
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