Question: 35) Jared thinks it would be wise to save for his newly born son's college fund. Jared invests $7,000 into a college fund for

35) Jared thinks it would be wise to save for his newly

35) Jared thinks it would be wise to save for his newly born son's college fund. Jared invests $7,000 into a college fund for his son. A company offers APR of 2.7%. The equation for the total amount of the investment is seen below. How much money will Jared's son have in 18 years when he starts college, assuming that the company will not change the APR over the years? Where, A total amount of the investment P principal (initial amount invested) r-annual percentage rate (as a decimal) t-time in years a) $47,285 b) $11,307 c) $19,804 d) $16,620 A = P(1+r)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

New York City is a popular field trip destination. This year the senior class at High School A and the senior class at High School B both planned trips there. The senior class at High School A rented...

answer all 1. Jody's financial affairs are not in good shape and she is concerned that if she should lose her job for even a short period of tine, her creditors would force her into bankruptcy and...

Please help me with questions 1-18 , has to be in Excel 6.1. Future value with multiple cash flows: Konerko, Inc., expects to earn cash flows of $1 years. If the company uses an 8 percent discount...

Complete tabs 6.1, 6.4, 6.7, 6.9, 6.12, 6.16, 6.23, and 6.33 in the attached Chapter 6 Excel spreadsheet. An EXAMPLE tab is provided in the spreadsheet for your guidance. You must use formulas in the...

1. Vincent Van Gogh sold only one painting during his lifetime, for about $30. A sunflower still life he painted in 1888 sold for $39.85 million in 1988, more than three times the highest price paid...

its just a case study i need to write what rec for the gates family and what are financial areas of concern CASE 9 TREVOR AND LINDA GATES CASE Today is January 1, 2017 INTRODUCTORY DATA Trevor and...

Question 1 Anil is a new customer service representative in a busy insurance company sales department. In training, he is finding that his employer greatly values acting professionally at all times....

Instructions: Select one question from the list below to answer. Make a slide summarizing your answer to the chosen question. Additionally, do a conclusion slide that encapsulates the main points of...

Jared works as a security guard for BullsEye, Inc. ("BullsEye"), a big box retail store. BullsEye's workplace rules include a strict prohibition against the use of force against suspected...

Do Helens experiences reflect any of the systems factors identified by theorists using new science principles? Or could these principles help Helen change or adapt to the situation she has found...

Please choose a restaurant as a business Balance Sheet Prepare a balance sheet with projected amounts for the opening day, year 1, year 2, and year 3 end. Keep the categories the same so that you...

Olympics Inc. uses a job costing system and applies manufacturing overhead on the basis of direct labor hours. Management estimates that the company would incur $ 5 6 , 2 5 0 in factory overhead...

Accruing warranty expense will increase the debt/equity ratio. increase the current ratio. reduce uncollectible accounts during the period. increase inventory turnover.

You have been asked by the President of your company to evaluate the proposed acquisition of a new special purpose truck with the following additional facts: -The truck's basic price is $50,000, and...

The Johnson-Nyquist noise in a resistor in a circuit of 1Mhz bandwidth is 70 nV / hz. What is the magnitude of the noise in the resistor in V? (Type in a one-decimal number)

It can be shown that the optimal solution to following LP is z-8.67, x = 4.67, x2= 0, x3= 0. 67. Max z = 2x1 +x2 - X3 Subject to X1 + x2 + 2x3

How is interest expense calculated according to GAAP? Stated rate of interest x maturity value. Effective interest rate x maturity value. Effective interest rate x book value.

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? LO2

The income statement in which the total of all expenses is deducted from the total of all revenues is termed: LO3 A. multiple-step form C. account form B. single-step form D. report form

If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing: LO3 A. a debit memorandum B. a credit memorandum C. an invoice D. a bill