The parents of a 3 year old child decide they need to start saving for their child's college fund. They want to have 22,000 in the fund in 15 years. The fund has an apr of 3.5%. What monthly deposit is required? Round to nearest cent.
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The parents of a 3 year old child decide they need to start saving for their child's college fund. They want to have 22,000 in the fund in 15 years. The fund has an apr of 3.5%. What monthly deposit is required? Round to nearest cent.
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- A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% annual return. Annual deposit: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?The parents of a 3-year old child decide they need to start saving for their child's college fund. They want to have $22,000 in the fund in 15 years. The fund has an APR of 3.4%. What monthly deposit is required? Round your answer to the nearest cent.
- 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 InterestYou decide to create a savings account for your children's college education, putting $140 permonth into an account paying 6.1% compounded monthly. What will be the value of theaccount in eighteen years? (Please help by using calculator)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 $87,000 in 16 years? ..... You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)
- 8. Your goal is to have a college fund for your child. Suppose you find a fund that offers an APR of 5% compounded monthly. Use Excel to create a table with months as the first column, payment in the second column and amount in account as the third. Use the table to determine how much should you deposit monthly to accumulate $85000 in 15 years.young couple wants to have a college fund that will pay $35,000 at the end of each half-year for 8 years. (a) If they can invest at 6%, compounded semiannually, how much do they need to invest at the end of each 6-month period for the next 18 years to begin making their college withdrawals 6 months after their last investment? (Round your answer to the nearest cent.)if you deposit $500/month into a college fund with APR 4.5%, how much do you have after 18 years of payment?
- 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 solutionQuestion - : Your child is going to college for the next 4 years. You are setting up a college fund that your child withdraws from at the BEGINNING of each 6 month period (2 withdrawls each year). Each withdrawl is $ 3000. The account pays 12% annual interest rate, compounded 2 times a year. How much money should you put in the account now?Parents wish to have $140,000 available for a child's education. If the child is now 10 years old, how much money must be set aside at 5% compounded semiannually to meet their financial goal when the child is 18? Click the icon to view some finance formulas. The amount that should be set aside is $ (Round up to the nearest dollar.)