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Answer the following questions based on the amount in the college fund account when compounded quarterly Show all work For each school, determine if the account will cover tuition fees only for your entire college career. (Keep in mind that community Colleges are 2-year institutions) 2 For each 4-year institution determine if the account will cover tuition fees plus room/board for your entire college career 2 3 Determine the minimum principal amount that Great Aunt Mildred should have invested so that only your tuition fees for all four years would be covered for the private institution Determine the minimum principal amount that Great-Aunt Mildred should have invested so that your tuition fees plus room board for all four years would be covered for the private institution Part III: Annuity vs. Single Deposit Instead of making a single deposit on the day you were born Great Aunt Midred decides to make annual deposits into an annuity every year on your birthday. Using the same interest rate as before, how much will she need to deposit each year on your birthday in order to cover the total cost of tuition fees plus room board for four years at the private institution? Show all work below First Letter of Last Name A-E F KO P1 U-Z Inta ment $25.000 $30.000 $35.000 $40.000 545 000 Interest Rate 55% 60% 6.5% 7.0 7.5% Part 1: Bills and expenses Your research into the cost of college at the three different types of schools listed below full-time student taking a load of 12 semester hours for one semester. Direct costs are those costs associated with tuition fees, room, and board. 1. community college 2. state collegeluniversity 3. private collegeluniversity Room Board School Name 1. Northwest-Shoals Community College 2. University of Alabama 3. Samford University Tuition 1596 5390 16624 Fees 324 400 475 4500 4725 2405 2555 Complete the following table for each of the three schools. Total Annual Cost of Tuition Fees Total Annual Cost of Room Board Total Annual Cost School Name 1 Northwest-Shoals Community College 2. University of Alabama 3. Samford University Answer the following questions based on the amount in the college fund account when compounded quarterly Show all work For each school, determine if the account will cover tuition fees only for your entire college career. (Keep in mind that community Colleges are 2-year institutions) 2 For each 4-year institution determine if the account will cover tuition fees plus room/board for your entire college career 2 3 Determine the minimum principal amount that Great Aunt Mildred should have invested so that only your tuition fees for all four years would be covered for the private institution Determine the minimum principal amount that Great-Aunt Mildred should have invested so that your tuition fees plus room board for all four years would be covered for the private institution Part III: Annuity vs. Single Deposit Instead of making a single deposit on the day you were born Great Aunt Midred decides to make annual deposits into an annuity every year on your birthday. Using the same interest rate as before, how much will she need to deposit each year on your birthday in order to cover the total cost of tuition fees plus room board for four years at the private institution? Show all work below First Letter of Last Name A-E F KO P1 U-Z Inta ment $25.000 $30.000 $35.000 $40.000 545 000 Interest Rate 55% 60% 6.5% 7.0 7.5% Part 1: Bills and expenses Your research into the cost of college at the three different types of schools listed below full-time student taking a load of 12 semester hours for one semester. Direct costs are those costs associated with tuition fees, room, and board. 1. community college 2. state collegeluniversity 3. private collegeluniversity Room Board School Name 1. Northwest-Shoals Community College 2. University of Alabama 3. Samford University Tuition 1596 5390 16624 Fees 324 400 475 4500 4725 2405 2555 Complete the following table for each of the three schools. Total Annual Cost of Tuition Fees Total Annual Cost of Room Board Total Annual Cost School Name 1 Northwest-Shoals Community College 2. University of Alabama 3. Samford University

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