Using your present and future value tables, calculate the following: a. Jill established a savings...
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Accounting
Using your present and future value tables, calculate the following:
a. Jill established a savings account for her sons college education by making annual deposits of $9,000 at the end of each of 8 years to a savings account paying 8%. What will be the balance of the account at the end of the eighth year?
b. Jacki wants to set aside funds to take an around the world cruise in four years. Jacki expects that she will need $20,000 for her dream vacation. If she is able to earn 8% per annum on an investment, how much will she have to set aside today so that she will have sufficient funds available?
c. Justin has $240,000 to invest today at an annual interest rate of 4%. Approximately how many years will it take before the investment grows to $486,000?
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