The Taylors have a nine-year-old daughter name Emily, and they wish to provide for her college education.
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The Taylors have a nine-year-old daughter name Emily, and they wish to provide for her college education. The estimate that it will cost $30,000 per year for four years when Emily enters college ten years from now. Assume that all investments can earn a 8 percent annual interest rate and that the four annual payments will be made at the beginning of each year.
How much would the Toylors have to invest today to meet Emily’s college expenses?
How much would the Toylors have to invest at the end of each year for fourteen years to meet Emily’s college expenses?
Answer questions (a) and (b) above, assuming an 6 percent annual interest rate.
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a 30000 x 46319 30000 x 42888 30000 x 39711 30000 x 36770 1389570 1286640 1191...View the full answer
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