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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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  • Professor
    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Establishing a College Fund

Establishing a College Fund

A couple with a newborn daughter wants to save for their child’s college expenses in advance. The couple can establish a college fund that pays 7% annual interest. Assuming that the child enters college at age 18, the parents estimate that an amount of $40,000 per year (actual dollars) will be required to support the child’s college expenses for 4 years. Determine the equal annual amounts the couple must save until they send their child to college. (Assume that the first deposit will be made on the child’s first birthday and the last deposit on the child’s 18th birthday. The first withdrawal will be made at the beginning of the freshman year, which also is the child’s 18th birthday.)

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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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