Question: 1) Solve ALL problems using a financial calculator; please do not use annuity formulas 2) Please show all work!!! This helps me understand how you

1) Solve ALL problems using a financial calculator; please do not use annuity formulas 2) Please show all work!!! This helps me understand how you are thinking

1) Solve ALL problems using a financial calculator; please do not use

After Peyton's 8th birthday party, Henry realized that he needed to begin thinking about how he would finance their college education. On the back of a birthday card envelope, he wrote out the following assumptions: My plan for Peyton's college funding: I expect they will need $1,800 per month (at the BEGINNING) of each month in college. I expect Peyton will be in College for 4 years. I can invest for their education in an account (for the next 10 years), earning 6% annually, compounded monthly. Will $650 saved at the END of each month be enough? Part 1: How much does Henry need to accumulate by the day Peyton begins college? Part 2: Given Henry's assumptions, how much will he accumulate for Peyton's education? Part 4: If Henry can only change the amount that he saves each month, how much must he save to pay for Peyton's education

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