CourseLover

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    Devry University
    Sep-2004 - Aug-2010

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    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Management Posted 21 Dec 2017 My Price 10.00

Smith plan to save $8,000 each of the next 35 year

Smith plan to save $8,000 each of the next 35 years, and invest that money in an account that pays 9% annual interest. In addition, he plan to pay for his child’s college education beginning in 20 years. Smith expect that education to cost $30,000 per year for four years. To pay for the education, he will simply withdrawal money from his investment account. In addition, a long-lost relative recently died, leaving his $50,000. A timeline depicting this situation follows.

Date

0

1-19

20-23

23-35

Deposits

$50,000

$8,000

$8,000

$8,000

Withdrawals

    

$30,000

  

 

How much money will you have just after he make his  last deposit 35 years from today?

 

Answers

CourseLover
(12)
Status NEW Posted 21 Dec 2017 07:12 AM My Price 10.00

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