Jack and Jill have just had their first child. If college is expected to cost $190,000...
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Jack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 8% annual rate of return on their investment. The amount that the couple should begin depositing annually at the end of each year is $ (Round to the nearest cent.) Jack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 8% annual rate of return on their investment. The amount that the couple should begin depositing annually at the end of each year is $ (Round to the nearest cent.)
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1 Calculate the future value of the tuition In 18 yearsthe cost of tuition will be 190000 2 Calculat... View the full answer
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Posted Date:
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