suppose your parents make 18 equal payments( every payment is $5,000) every year into an...
70.2K
Verified Solution
Link Copied!
Question
Finance
suppose your parents make 18 equal payments( every payment is $5,000) every year into an investment account for your 4 year college expenses today. The first expense at the beginning of year 19th( end of year 18). Assuming a 15% rate of return, what is your maximum annual college budget?
Please show your work!
answer choices: a. 132,714
b. 132,814
c. 132, 914
d. 133,014
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.