Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years. Determine whether

Fantastic news! We've Found the answer you've been seeking!

Question:

Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same.

The person deposits $55 per month into an account with an APR of 5%.

Will the person meet the goal?

Related Book For answer-question

Personal Financial Planning

ISBN: 9780357438480

15th Edition

Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk

See More Books

Posted Date: Jun 27, 2023 04:08 AM

See More Questions

Suppose someone wants to accumulate $120,000 for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 5%. Plan B is a...
1. Suppose someone offered you your choice of two equally risky annuities, each paying $5,000 per year for 5 years. One is an annuity due, while the other is a regular (or deferred) annuity. If you...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
List kinds of access we might want to limit on a multi user system.
Redemption of Bonds McGee Company issued $200,000 face value bonds at a premium of $4,500. The bonds contain a call provision of 101. McGee decides to redeem the bonds due to a significant decline in...
Raymond Woollard, a handgun owner, and a Second Amendment advocacy group brought an action against state officials, alleging Marylands requirement that an applicant demonstrate good and substantial...
On June 8, 2017, Eugene Weiner made a post on Isaac Aflalos Facebook page. The post read, Yurim and Isaac took advantage of a old 94plus sick man elder abuse [sic]. Alflalo took umbrage to the post...
Romans Food Market, located in Saratoga, New York, carries a variety of specialty foods from around the world. Two of the stores leading products use the Romans Food Market name: Romans Regular...
Explain entity integrity and referential integrity rules in relational model. Show how these are realized in SQL.
1. For the network a. Write the nodal equations for the networks in Figure given. b. Solve for the nodal voltages. c. Find the magnitude and polarity of the voltage across each resistor. R4 2 3 R3 |...
Which court is considered the most influential court in the nation with respect to corporate governance? New York State Supreme Court California State Supreme Court Illinois State Supreme Court...
Karen Klaus has a business building (Section 1250 property) with an adjusted basis of $40,000 and a fair market value of $160,000. The building originally cost $170,000 when purchased in 2015. In...
Steven Stronghold had a Section 1231 net gain of $25,000 in 2019. His previous net Section 1231 items were $12,000 in 2012, ($8,000) in 2013, ($6,000) in 2014, ($3,000) in 2015, ($1,000) in 2016,...
$20 million of nondealer real estate obligations arose in and are outstanding at the end of calendar-year 2019. Deferred gross profit on such installment obligations equals $5 million. Assume that...
Assume the facts of the preceding problem except that the building was an apartment building. a. How much income does Ivan recognize and how will it be treated? b. What would your answer be to (a) if...
Marielle Machinery Works is considering a project which has an initial investment of 10,000 and has expected cash flows of 0 in year 1, 7,500 in year 2, and 8,500 in year 3. The company uses the IRR...
A flat plate floating on a 0.05 cm thick water filmis pulled by the force F. Calculate F for an area of 1 m 2 and forV=1m/sec [note that for water ? = 0.001 kg/(m sec) ]. 0.05 cm IF Y Water
The power company must generate 100 kW in order to supply an industrial load with 94 kW through a transmission line with 0.09  resistance. If the load power factor is 0.83 lagging, find the...
Thea Morris, a recent college graduate, has decided to accept a job offer from a nonprofit organization. Shell earn $45,000 a year but will receive no employee health benefits. Thea estimates that...
Preparing an Individuals Tax Form. Caleb Lee graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018, and has...
Cody Andrews, a 27-year-old bachelor living in Richmond, Virginia, has been a high-school teacher for 5 years. For the past four months, hes been thinking about buying a Subaru Outback, but he feels...
Prove that the boosted right-handed spinor $\psi_{\mathrm{R}}(\boldsymbol{p})$ is related to the corresponding rest spinor by Eq. (14.21).
Use the $\gamma$-matrices in the Weyl representation to show that the Dirac equation (14.31) is equivalent to Eq. (14.25). Data from Eq. 14.31 Data from Eq. 14.25 (y"Pu-m)(p) = (iy" - m)(p) = 0
Prove the identity $(\sigma \cdot \boldsymbol{p})^{2}=\mathrm{I}^{(2)} p^{2}$, where $\sigma=\left(\sigma_{1}, \sigma_{2}, \sigma_{3} ight)$ are the Pauli matrices, $\boldsymbol{p}$ is the...

Suppose someone wants to accumulate $70,000 for a college fund over the next 15 years. Determine whether

Question:

Expert Answer:

To determine if the person will meet their goal of accumulating 70000 for a college fun... View the full answer

Personal Financial Planning

Students also viewed these finance questions