Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $40,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interes is 8%? Click the icon to view the table. The annual sinking fund payment is S (Round to the nearest cent as needed.)
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- Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $35,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%? E Click the icon to view the table. The annual sinking fund payment is $ (Round to the nearest cent as needed.)Parvati wants to donate enough money to Camosun College to fund an ongoing annual bursary of $2,250 to a deserving finance student. How much must she donate today in order for the first payment to start in one year? Assume an interest rate of j=4%. Your Answer: AnswerParvati wants to donate enough money to Camosun College to fund an ongoing annual bursary of $2,750 to a deserving finance student. How much must she donate today in order for the first payment to to be given out in one year? Assume an interest rate of j2=4%. Your Answer: Answer
- Parvati wants to donate enough money to Camosun College to fund an ongoing annual bursary of $2,750 to a deserving finance student. How much must she donate today in order for the first payment to to be given out in one year? Assume an interest rate of j2=4%.Harry and Lisa Perry have agreed to pay for their granddaughter's college education and need to know how much to set aside so annual payments of $10,000 can be made for five years at 4% annual interest. E Click the icon to view the table. Today they need to set aside S. (Round to the nearest cent as needed.)Emma wants to donate $1,000,000 to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of j4=4.12% p.a. effective and the first scholarship will be first awarded 2.5 years after the date of the donation. (a) What is the amount of the annual scholarship (rounded to two decimal places)? (b) Assume that the fund's earnings rate rate has changed from j4=4.12% to j4 = 3.87% one year before the first scholarship payment. How much does Emma need to add to the fund at that time (one year before the first scholarship payment) to ensure that scholarship amount will be unchanged (rounded to two decimal places)? (a) What is the amount of the annual scholarship (rounded to two decimal places)? a. 44494.20 b. 46355.87 C. 41840.92 d. 43772.21 (b) Assume that the fund's earnings rate rate has changed from 4-4.12% to 4-3.87% one year before the first scholarship payment. How much does Emma need to add to the fund at that time (one year before the first…
- A wealthy donor wants to establish a scholarship that pays an award of $1,000 in perpetuity at the end of each year. The first award will be in three years. How much money must she set aside today in order to fund the bursary? Assume that the money will earn a nominal interest rate of 4% compounded annually.Kate Rose is setting up an annuity for a memorial scholarship. What lump sum does she need to set aside today at 7% annual interest to have the scholarship pay $3,000 annually for 10 years? E Click the icon to view the table. Today she needs to set aside $ (Round to the nearest cent as needed.)Mr. and Mrs. Megabucks would like to set up a college fund for their grandson. They want him to be able to withdraw $1,750 each month for the two years he will be in college. Their grandson is currently celebrating his second birthday. His first college withdrawal will be on his 19th birthday. The college fund will earn j12=2.4%. How much must they deposit today into the college fund? Your Answer: Answer
- Kate Rose is setting up an annuity for a memorial scholarship. What lump sum does she need to set aside today at 7% annual interest to have the scholarship pay $2,500 annually for 10 years? | Click the icon to view the table. Today she needs to set aside S. (Round to the nearest cent as needed.)Palma wants to establish a fund for her granddaughter's college education. What lump sum must she deposit in an account that pays an annual interest rate of 6%, compounded monthly, if she wants to have $10,000 in 10 years?Emma wants to donate $1,000,000 to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of j4=5% p.a. effective and the first scholarship will be first awarded 2.5 years after the date of the donation. (b) Assume that the fund's earnings rate rate has changed from j4=5% to j4=4.75% one year before the first scholarship payment. How much does Emma need to add to the fund at that time (one year before the first scholarship payment) to ensure that scholarship amount will be unchanged (rounded to two decimal places)?