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Category > Business & Finance Posted 03 Jun 2017 My Price 12.00

Mary wants to help pay for her granddaughter

Mary wants to help pay for her granddaughter Beth’s education. She has decided to pay for half of the tuition costs at State University, which are now $11,000 per year. Tuition is expected to increase at a rate of 7% per year into the foreseeable future. Beth just had her 12th birthday. Beth plans to start college on her 18th birthday and finish in four years. Mary will make a deposit today and continue making deposits each year until Beth starts college. The account will earn 4% interest, compounded annually. How much must Mary’s deposits be each year in order to pay half of Beth’s tuition at the beginning of each school each year?Copy and paste your question here...

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Homework Helper
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Status NEW Posted 03 Jun 2017 10:06 AM My Price 12.00

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