Grandparents deposited $6,000 into a grandchild’s account toward a college education. How much money (to the nearest dollar) will be in the account 17 years from now if the account earns 9% compounded monthly?
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Grandparents deposited $6,000 into a grandchild’s account toward a college education. How much money (to the nearest dollar) will be in the account 17 years from now if the account earns 9% compounded monthly?
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- If your parents deposited $15,000 into an account for you when you were born as part of a college savings fund and that count is earning 10% annually, how much will you have in your college savings fund on your 18th birthday?New parents wish to save for their newborn's education and wish to have $46,000 at the end of 17 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 5.6% compounded annually? (Round your answers to two decimal places.)$ How much interest would they earn over the life of the account?$ Determine the value of the fund after 10 years.$ How much interest was earned during the 10th year?$New parents wish to save for their newborn's education and wish to have $47,000 at the end of 19 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.3% compounded annually? (Round your answers to two decimal places.)$ How much interest would they earn over the life of the account?$
- Grandparents plan to open an account on their grandchild's birthday and contribute each month until she goes to college. How much must they contribute at the beginning of each month in an investment that pays 7%, compounded monthly, if they want the balance to be $200,000 at the end of 18 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due (b) Solve the problem. (Round your answer to the nearest cent.)Grandparents plan to open an account on their grandchild's birthday and contribute each month until she goes to college. How much must they contribute at the beginning of each month in an investment that pays 7%, compounded monthly, if they want the balance to be $170,000 at the end of 18 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. (b) Solve the problem. (Round your answer to the nearest cent.)New parents wish to save for their newborn's education and wish to have $30,000 at the end of 19 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.6% compounded annually? (Round your answers to two decimal places.)How much interest would they earn over the life of the account?Determine the value of the fund after 8 years.How much interest was earned during the 8th year? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- On your child’s 1st birthday, you open an account to fund his college education. You deposit $300 to open the account. Each year, on hisbirthday, you make another deposit. Each subsequent deposit is 8% larger than the previous one. The account pays interest at 5%/year compounded annually. How much money is in the account immediately after the deposit on his 18th birthday?Grandparents plan to open an account on their grandchild's birthday and contribute each month until she goes to college. How much must they contribute at the beginning of each month in an investment that pays 5%, compounded monthly, if they want the balance to be $160,000 at the end of 18 years?A family is saving for their child's education. They want to have $80,000 eighteen years from now . a.) How much do they need to deposit each month into an account earning 7.2% interest compounded monthly? b.) What is the interest earned on the account?
- A newborn child receives a $8,000 gift toward a college education from her grandparents. How much will the $8,000 be worth in 18 years if it is invested at 5.6% compounded quarterlyA newborn child receives a $7,000 gift toward a college education from her grandparents. How much will the $7,000 be worth in 18 years if it is invested at 5% compounded quarterly? It will be worth $. (Round to the nearest cent.)On a child's first birthday, a parent wishes to deposit enough money so that the child can withdraw $5000 per year for five years. If the first withdrawal will be on the child's 18th birthday, how much should the parent deposit? The rate is 5% annually.
