Question: Please help- previous tutor got it wrong as well PF.8 Payout Annuities - Homework Score: 12.67/42 5/15 answered Progre Question 14 You would like to

Please help- previous tutor got it wrong as well

Please help- previous tutor got it wrong as well PF.8 Payout Annuities

PF.8 Payout Annuities - Homework Score: 12.67/42 5/15 answered Progre Question 14 You would like to give a $1,900.00 scholarship to a deserving student every year. You want the scholarship to be funded by an investment account so it can continue for 30 years. A. How much money must be deposited in an investment account, paying 10% interest compounded annually, in order to give a $1,900.00 scholarship every year for 30 years? (Money deposited to fund a scholarship is called an endowment) You need to have in the investment account to fund the scholarship. Hint B. You would like to save the money needed for the endowment by making regular monthly deposits, for 15 als years, into an account earning 10% interest compounded monthly. How much do you need to deposit every month to reach your goal? You need to deposit in the investment account every month for 15 years to ring fund the endowment. Hint Time Value of Money Solver Enter the given values. N: = Solve Number of Compounding Periods 1:% = 0 Solve Annual Interest Rate as a Percent PV:= 0 Solve Present Value PMT: = 0 Solve Payment FV: = Solve Future Value P/Y: 12 9 Payments per Year C/Y: 12 : Compounding Periods per Year PMT: = END Payments are made at the end of the period

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