Question: i need help with this question in 10 min please Question 12 (2.5 points) Louise has been saving to pay for her daughter June's college

i need help with this question in 10 min please
i need help with this question in 10 min please Question 12

Question 12 (2.5 points) Louise has been saving to pay for her daughter June's college education. June just turned 10 at t-0), and she will be entering college 8 years from now (att-8). College tuition and expenses at State U. are currently $15,000 a year, but 8 they are expected to increase at a rate of 4% a year. Louise needs to pay for June's tuition end of years 8, 9, 10, 11 Louise plans to make 7 end of year payments to cover these expenses. First payment will be made end of the first year and last payment end of year 7. In other words, Louise will make 7 annual payments end of years 1 to 7. Louise expects her investment account to earn 8%. How large must the annual payments at t - 1,2,3,4,5,6, and 7 be to cover June's anticipated college costs? $13,812.11 $8,703.97 $8,848.78 $8,059.23 $7,462.25 ) $9,902.72

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 Finance Questions!