Question: Please show work Name 1. (4 points) Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 7-yearly payments

Please show work Name 1. (4 points) Mr. S. P. Johnson

Please show work

Name 1. (4 points) Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 7-yearly payments of $10,000 each with the first payment deposited today on his daughter's 6th birthday (happy birthday!) Assuming his daughter will need three equal withdrawals from this account to pay for her law-school education beginning when she is twenty-two (i.e. 22, 23, 24), how much will she have on a yearly basis for her law school career? Mr. Johnson expects to earn a constant 10% annual return for the time interval of this

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!

2. (5 points) Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 6-yearly payments of $12,000 each with the first payment deposited today on his daughter's 6th birthday...

Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 7-yearly payments of $10,000 each with the first payment deposited today on his daughters 6th birthday (happy...

Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 7-yearly payments of $10,000 each with the first payment deposited today on his daughters 6 th birthday (happy...

Mr. S. P. Johnson is creating a college fund for his daughter. He plans to make 9-yearly payments of $12,000 each with the first payment deposited today on his daughter's 6 th birthday (happy...

Mr. S. P. Johnson is creating a college fund for his daughter.He plans to make 7-yearly payments of $10,000 each with the first payment deposited today on his daughter's 6 th birthday (happy...

(use excel time value money functions and show work please) 1. Mr. J. J. Parker is creating a college fund for his daughter. He plans to make 15 yearly payments of $1500 each with the first payment...

bus 345g h3.. : In your opinion, can you be objective concerning a "dead pool" of which retailer will go bankrupt soon, which retail chain would you guess would be the next to fall? Can you please...

please show work without XL and include formula Question 1 reference image Question to solve for: (5 points) Mr. Diaz is creating a college fund for his daughter. He plans to make 5-yearly payments...

businesss questions Case study based Individual coursework to meet learning outcomes LO2 and LO3 The following case study will give students the opportunity to examine the range of potential threats,...

Due to the war in Ukraine, wheat manufacturing plants in t South Africa and considering various options to streamline their manufacturing processes. Currently, the business expects to make a revenue...

Give the empirical formula for each of the following compounds if a sample contains: (a) 0.0130 mol C, 0.0390 mol H, and 0.0065 mol O (b) 11.66 g iron and 5.01 g oxygen (c) 40.0% C, 6.7% H, and 53.3%...

Determine the net income ( loss ) for the period. a . net income $ 2 , 9 3 9 b . net loss $ 2 , 9 3 9 c . net loss $ 3 , 6 3 5 d . net income $ 3 , 6 3 5

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

(Appendices) Explain how the Federal Reserve Bank affects the money supply in the United States. How do the Feds actions, including setting reserve requirements and controlling discount rates, speed...

(Appendices) A CLASSIFIED INCOME STATEMENT FOR A MERCHANDISING BUSINESS. For each of the cases presented below, compute the missing amounts: LO8

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayces accounts receivable: Cindy...