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tealsnake860Lv1
28 Sep 2019
You are saving for the college education of your two children. They are two years apart in age; one will begin college 16 years from today and the other will begin 18 years from today. You estimate your childrenâs college expenses to be $36,000 per year per child, payable at the beginning of each school year. The annual interest rate is 6.6 percent. Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college.
How much money must you deposit in an account each year to fund your childrenâs education? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
You are saving for the college education of your two children. They are two years apart in age; one will begin college 16 years from today and the other will begin 18 years from today. You estimate your childrenâs college expenses to be $36,000 per year per child, payable at the beginning of each school year. The annual interest rate is 6.6 percent. Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college. |
How much money must you deposit in an account each year to fund your childrenâs education? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
dcht24111997Lv10
16 Apr 2023
Casey DurganLv2
30 Sep 2019
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