Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $87,000 in 15 years? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)
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- If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityUse the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 7%. How much should you deposit monthly to accumulate $90,000 in 15 years? ... You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.) ******Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $81,000 in 17 years? You should invest $ each month?
- Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $85,000 in 15 years?You are planning for your child's future and would like to set up a savings account for their college tuition. You suspect that you don't want to make a lump sum, so you decide to make equal monthly deposits. After calculating, you plan to have $100,000 in the account in 18 years. You found an account that gives 2% APR compounded monthly. Find the amount of your monthly deposits needed to obtain your projected future value.4. Suppose you make an annual contribution of BD100 each year to a college education fund for a niece. She is 4 years old now, and you will start next year and make the last deposit when she is 18. The fund is a money market account earning 6.5%/year. What will it be worth immediately after the last deposit? You may also set up spreadsheet solution
- Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.You plan to send your first born child to DePaul for a 4-year degree with 4 annual payments. Your first payment will start in 25 years in the amount of $ 58,982.71 and grow by 9% per year. Assuming a discount rate of 6%. You start saving in one year from now a fixed amount for 20 total deposits. What is the amount of that annual savings deposit in order to save enough to fund the education? Use the $ symbol and round to the nearest thousand dollars. A correct answer would look like $13,000.Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?
- 4. Suppose you make an annual contribution of BD300 each year to a college education fund for a niece. She is 4 years old now, and you will start next year and make the last deposit when she is 18. The fund is a money market account earning 6.5%/year. What will it be worth immediately after the last deposit? You may also set up spreadsheet solution AGE Beginning Balance Ending Balance Deposit InterestA couple wants to set up a college savings account for their grandchild. If the account earns 4.4% interest compounded quarterly, how much should they invest today so that the account will be worth $50,000 in 18 years? Round your final answer to two decimal places.Use the savings plan formula to answer the following question Your goal is to create a college fund for your child Suppose you find a fund that offers an APR of 7%. How much should you deposit monthly to accumulate $82,000 in 12 years? You should invest $ each month (Do not round until the final answer. Then round to two decimal places as needed) 9 hp fio P11 O > 0 fre P ** ** { [ prt sc delete ←backspace 1 home num lock enter