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Category > Business & Finance Posted 07 Jun 2017 My Price 7.00

Craig and LaDonna Allen are trying to establish

 

Craig and LaDonna Allen are trying to establish a college fund for their son Spencer, who just turned three today. They plan for Spencer to withdraw $10,000 on his eighteenth birthday and $11,000, $12,000, and $15,000 on his subsequent birthdays. They plan to fund these withdrawals with a ten-year annuity, with the first payment to occur one year from today, and expect to earn an average annual return of 8 percent.

a. How much will the Allens have to contribute each year to achieve their goal?

b. Create a schedule showing the cash inflows (including interest) and outflows of this fund. How much remains on Spencer’s twenty-first birthday?

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Status NEW Posted 07 Jun 2017 07:06 AM My Price 7.00

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