A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.27 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5778 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.
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A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.27 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5778 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.
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- 9. A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.28 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5507 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.98% per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5002 on the son's 18th, 19th, 20th, and 21st birthday? Roud off to two decimal places.A father wants to set aside money for his son's future college education. Money can be deposited in a bank account that pays 8.1% per year, compounded annually. What equal deposits should be made by the father, on his son's 5th through 17th birthdays, in order to provide $6900 on the son's 18th, 19th, 20th, and 21st birthdays?
- A father wishes to provide P4,000 for his son on his 21st birthday How much should he deposit every 5 months in a savings bank which pays 3 compounded semi-annually, if the first deposit is made when the son is 3 1/2 years old? Answer: P86.442. A father wishes to provide P4,000 for his son on his 21st birthday. How much should he deposit every 6 months in a savings bank which pays 3% compounded annually, if the first deposit is made when the son is 3 years old?A father wishes to provide P4,000 for his son on his 21st birthday. How much should he deposit every 6 months in a savings bank which pays 3% compounded annually, if the first deposit is made when the son is 3 years old? (The correct answer should be P84.61)
- A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $41,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)$ ??On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8% compounded annually. On each of her birthdays thereafter, up to and including her 18th birthday, you deposit an additional $1,000. How much money is in the college account the day after her 18th birthday? a. $37,450 b. $38,950 c. $41,450 d. $46,800.A father wants to set up a bank account that will pay his daughter $16,000 at the end of quarter (EOQ) 4 and $30,000 at EOQ 8. He will fund this account by making quarterly payments of $X from EOQ 1 through EOQ 7. If the quarterly percentage rate is 3%, what is the value of $X that must be deposited into the account? O a. 6,789.396 O b. 6,621.507 O c. 6,240.157 O d. 6,082.880 O e. 6,123.852
- A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 5% interest, compounded monthly. (Round your answer to two decimal places.)A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born to have $42,000 when the child reaches the age of 18? Assume the money earns 8% interest compounded quarterly. Round your answer to two decimal places.)6- A father wants to save money to pay for his son’s college education. He is depositing equal amounts of money every year at the end of each year in an account to have $120000.00 after 18 years. If the interest rate on the account is 5% compounded continuously, how much should he deposit each year? a) $3554.62 b) $3700.60 c) $4215.21 d) $3512.71