Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume that your parents wanted to have $100,000 s

Assume that your parents wanted to have $100,000 saved for college by your 18 th...

90.2K

Verified Solution

Question

Accounting

image
Assume that your parents wanted to have $100,000 saved for college by your 18 th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 11.0% per year on their investments. a. How much would they have to save each year to reach their goal? b. If they think you will take five years instead of four to graduate and decide to have $140,000 saved just in case, how much would they have to save each year to reach their new goal? a. How much would they have to save each year to reach their goal? To reach the goal of $100,000, the amount they have to selve each year is $ (Round to the nearest cent.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students