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- A father wants to set aside money for his son's future college education. Money can be deposited in a bank account that pays 8.1% per year, compounded annually. What equal deposits should be made by the father, on his son's 5th through 17th birthdays, in order to provide $6900 on the son's 18th, 19th, 20th, and 21st birthdays?Answer each of the following independent questions. Ignore personal income taxes. Required: 1. Suppose you invest $4,000 in an account bearing interest at the rate of 12 percent per year. Complete the table to show how your accumulation grows each year to equal $7,896.00 after six years. 2. You have estimated that your educational expenses over the next three years will be $14,500 per year. Your account bears interest at 9 percent per year. Complete the table given below to show that $36,699.50 is the amount you need to fund your educational expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Suppose you invest $4,000 in an account bearing interest at the rate of 12 percent per year. Complete the table to show how your accumulation grows each year to equal $7,896.00 after six years. (Round your answers to 2 decimal places.) Year Beginning Balance Interest 1 2 3 4 5 6 End Balanceby using mathematical formula (not excel), find how large must the annual payments be in the subsequent 6 years (t = 5, 6, 7, 8, 9, and 10) to meet their daughter’s anticipated college costs? *ANS: 4411 DOLLARS
- Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for their child’s college education. Currently, college tuition, books, fees, and others cost $20,000 per year. On average, tuition and other costs have historically increased at a rate of 6% per year. Assume the first college payment is made at the beginning of year 19 (i.e. immediately after the child’s 18th birthday). a) Assuming that college costs continue to increase an average of 6% per year, how much will the first college payment be? b) Assuming all college savings are invested in an account paying 8% interest, then what is the amount of money they will need to have available at age 18 to pay for all four years of the child's undergraduate education? c) How much does the couple need to save every year until their child’s 18th birthday to achieve their goal, assuming they make their first savings payment on their child’s first birthday, the last one on…A i) Mrs. S owns a freehold property in Jurong East, Singapore. She receives an income of dollar 24,000 every year for 9 years from her rented property. Market rental is anticipated to increase to dollar 12,500 per month in the 10th year. Calculate the market value when the required rate of return is 7% per annum. A ii) Mrs. Kobe owns 2 acres of freehold commercial land in New Jersey. She leased the land to Mr. Chris at a dollar of 120,000 per acre/per annum for a period of 15 years. Mr. Chris then sub-leased the land to Mr. Shang Chi for a period of 10 years with a rate of payment at dollar 50,000 per acre/per annum. The rate of return for the same properties is 7% per annum and sinking fund at 3%. Estimate the income gathered from this investment to Mrs. Kobe and Mr. Chris. A iii) A landlord needs a dollar of 250,000 to refurbish a condominium in five years' time. He will save money from rental income (paid monthly in arrears) each year and has found a safe investment paying a…A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.28 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5507 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.
- 4. A child has a savings account in which the same amount is deposited every year. The first payment was made when the child was born. What should the amount of the deposit be in order for the child to be able to draw €20,000 at the age of 18? The interest rate is 2.3% and the source tax is 30%. (€908.21)Compute the value for each of the following independent situations. Note: Use Excel or a financial calculator. Round your answers to 2 decimal places. 1. To save for their new child's college education, a couple places $28,400 in an account. What amount will accumulate in the account at the end of 18 years, assuming an interest rate of 7.25% compounded annually? 2. An individual has just inherited a piece of land. The individual plans to hold the land for three years and then expects the land to sell for $208,500. What is the value today of inheriting the land, assuming an interest rate of 8.5% compounded annually? 3. To save money for the down payment on a house, an individual places $6,700 in an account at the end of each quarter. What amount will accumulate in the account at the end of four years, assuming an interest rate of 9.75% compounded quarterly? 4. To purchase a car, an individual agrees to pay $1,140 at the end of each month for the next six years. What is the cost of the…A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $41,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)$ ??
- Your brother will begin his education this year. The university tuition is TL37420 per year and paid at the beginning of each of the following 4 years. If you can earn 16.3 percent interest per year on your funds, how much will you need to invest today in order to pay his university education? 101548.97 100400.98 135148.89 142424.02 121049.65A taxpayer, age 64, purchases an annuity from an insurance company for $80,000. She is to receive $667 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $8,000 this year, how much is included in her gross income? Round any percentages to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Included in income: LA %Assume the total cost of a college education will be $245,000 when your child enters college in 15 years. You presently have $108,000 to invest for this purpose. What rate of interest must you earn to cover the cost of your child's college educ?
