Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. assume that your parents wanted to have $110,000 s

Assume that your parents wanted to have $110,000 saved for college by your 18th birthday...

90.2K

Verified Solution

Question

Finance

image

Assume that your parents wanted to have $110,000 saved for college by your 18th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and eamed 7.5% 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 $150,000 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 $110,000, the amount they have to save each year is $ (Round to the nearest cent.) b. If they think you will take five years instead of four to graduate and decide to have $150,000 saved just in case, how much would they have to save each year to reach their new goal? To reach the goal of $150,000, the amount they have to save 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

Physics
1.2K views

1 5 3 12 A small ball is suspended from a point O by a...

Physics
1.2K views

4 The ratio of electric potential due to a short electric dipole at point A...

Geometry
1.2K views

6 Examine the parallelogram HIJK below H I 9x 1 K 7x 71 zoom in...

Geometry
1.2K views

19 Given ABDE BC EF and B E B A C D Prove AABC ADEF...

Basic Math
1.2K views

A blog surveyed 96 college students regarding which popular search engines they use regularly in...

Accounting
1.2K views

Following is the Operating Statement for Silhouette Brands, Inc. I've added three columns of percentages...

Accounting
1.2K views

Chaz Corporation has taxable income in 2021 of $312,400 for purposes of computing the 179...

Accounting
1.2K views

Could anyone tell we how to do the Part B? I really need help. ...

Accounting
1.2K views

Kansas Corporation is reviewing an investment proposal that has an initial cost of $57,000. An...

Accounting
1.2K views

Exercise 16-34 Variable Cost Variances (LO 16-5) The standard direct labor cost per unit for...

Accounting
1.2K views

https://media.cheggcdn.com/media/914/91488f20-db90-4779-8ccd-8dbadd7c90c9/phpjK2LvV

Accounting
1.2K views

TRUE OR FALSE? - According to the matching concept, revenue is paired with the expenses...