Question 2. (12 points) showing Mr. Lee plans to finance his daughter's college education and just...

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Question 2. (12 points) showing Mr. Lee plans to finance his daughter's college education and just open a bank account. She will need HK$100,000 each year beginning eight years from today. Her college education will last three years. Mr. Lee's parents would like to make a contribution to the account in the first three years, with an equal deposit HKS8,000 at the end of each year. At the end of year 4, Mr. Lee starts to make an equal deposit annually to the account till the end of year 7. The APR is 8% earned in the account. a. (3points) What is the value today of the cost for the college education? b. (7 points) What is each deposit made by Mr. Lee? Bl Question 2. (12 points) showing Mr. Lee plans to finance his daughter's college education and just open a bank account. She will need HK$100,000 each year beginning eight years from today. Her college education will last three years. Mr. Lee's parents would like to make a contribution to the account in the first three years, with an equal deposit HKS8,000 at the end of each year. At the end of year 4, Mr. Lee starts to make an equal deposit annually to the account till the end of year 7. The APR is 8% earned in the account. a. (3points) What is the value today of the cost for the college education? b. (7 points) What is each deposit made by Mr. Lee? Bl

Answer rating: 100% (QA)

a The value today of the cost for the college education is calculated ... View the full answer