mygirl46360
New member
- Joined
- Jan 26, 2010
- Messages
- 3
Your younger sister, Jennifer, will start college in five years. She has just informed your
parents that she wants to go to Eastern State U., which will cost $18,000 per year for four
years (cost assumed to come at the end of each year). Anticipating Jennifer’s ambitions,
your parents started investing $3,000 per year five yeas ago and will continue to do so for
five more years.
How much more will your parents have to invest each year for the next five years to
have the necessary funds for Jennifer’s education? Use 10 percent as the appropriate
interest rate throughout this problem (for discounting or compounding). Round all
values to whole numbers.
parents that she wants to go to Eastern State U., which will cost $18,000 per year for four
years (cost assumed to come at the end of each year). Anticipating Jennifer’s ambitions,
your parents started investing $3,000 per year five yeas ago and will continue to do so for
five more years.
How much more will your parents have to invest each year for the next five years to
have the necessary funds for Jennifer’s education? Use 10 percent as the appropriate
interest rate throughout this problem (for discounting or compounding). Round all
values to whole numbers.