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Category > Business & Finance Posted 07 Jun 2017 My Price 11.00

Susan is beginning to plan college

Susan is beginning to plan college savings accounts for her two children. Her son Bobby is 8 and will begin college in 10 years when he turns 18. Her daughter Mallory is 2 and will begin college in 16 years when she is 18. Susan plans to deposit $10,000 per year starting next year into a joint account that earns 8.0% annually. Her last deposit will occur in the year that Bobby starts school. If BobbyAc€?cs schooling costs $25,000 each year for four years, and MalloryAc€?cs schooling costs $30,000 each year for four years, will SusanAc€?cs plan provide enough money for both her childrenAc€?cs college education? By how much will Susan meet/miss the goal when she quits depositing money in year 10? (Assume schooling costs are paid after the year is completed, i.e. BobbyAc€?cs first tuition payment will occur at end of year 11)

 

Can you please show me how I would solve this using a financial calculator

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Status NEW Posted 07 Jun 2017 07:06 AM My Price 11.00

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