Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you are saving for your child's education since yo

You are saving for your child's education since you did not participate in the Texas Tomorrow...

80.2K

Verified Solution

Question

Finance

You are saving for your child's education since you did notparticipate in the Texas Tomorrow Fund. Your child is five-year-oldtoday. Starting next quarter, you will deposit $300 every quarteruntil you child turns 17. Your last payment will be on his 17thyear. You can to withdraw $X very year starting his 18th birthdayfor 4 years, first payment on his 18th birthday. Assuming you haveinvesting your money in an account is provides 12% return and theinterest is compounded daily (365 days).

a. $13,826.63

b. $11,998.78

c. $10,608.75

d. $8,982.45

e. $5,782.88

Answer & Explanation Solved by verified expert
3.9 Ratings (689 Votes)
EAR 1 stated rateo of compounding periods no ofcompounding periods 1 100Effective Annual Rate 1123651003651100Effective Annual Rate 127475We need to convert    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You are saving for your child's education since you did notparticipate in the Texas Tomorrow Fund. Your child is five-year-oldtoday. Starting next quarter, you will deposit $300 every quarteruntil you child turns 17. Your last payment will be on his 17thyear. You can to withdraw $X very year starting his 18th birthdayfor 4 years, first payment on his 18th birthday. Assuming you haveinvesting your money in an account is provides 12% return and theinterest is compounded daily (365 days).a. $13,826.63b. $11,998.78c. $10,608.75d. $8,982.45e. $5,782.88

Other questions asked by students

Q

Carmelita Inc. has the following information available: Costs from Beginning Inventory Costs from Current Period Direct...

Accounting
Q

Calculate the concentration of all species in a 0.155 M solution of H2CO3. Express your answer using...

Chemistry
Q

Purchase Price $33,500.00 Finance Rate Table less Term No Rebate Rebate      Down Payment $3,500.00 1 12.50% 19.70%      Trade-in Value $4,500.00 2 14.90% 20.90%      Rebate $1,000.00 3 17.30% 22.10% 4 18.50% 23.30% Loan Amount $24,500.00 5 19.70% 24.50% --------------------Term of Loan----------------------- 1 2 3 4 5 Finance Rate 19.70% 20.90% 22.10% 23.30% 24.50% Monthly Payment $2,266.03 $1,257.75 $936.93 $789.29 $711.94 Total Payment $27,192.35 $30,185.89 $33,729.63 $37,886.09 $42,716.61 Finance...

Finance
Q

In detail describe the correct treatment for Hepatitis and peptic ulcers and explain why:

Medical Sciences
Q

In a YDSE setup we plot the phase difference 6 between both waves at point...

Physics
Q

Three particles of same mass lie in x y plane The x y co ordinates...

Physics
Q

Questions 3 6 Three students named Abe Barb and Cal make measurements in m of...

Statistics
Q

Solve for x 2 sin x 2 cos x 0 2 X

Calculus
Q

Exercise 4 14A Algo Single step and multistep Income statements LO 4 6 The following...

Algebra
Q

A Company has set the following standards for the production of one unit of output:...

Accounting
Q

Jana Supplies applies manufacturing overhead costs to products at a budgeted indirect-cost rate of $60...

Accounting
Q

If the bonds are sold with a premium to finance a capital project, what important...

Accounting