excel assi 2 - Total Day care fee+Total Expenses+Total...

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Question 3 Assumption: 2. RESP's Grant is $400 per year. The tuition fee will be paid by semi-annual. a) Day Care Fee: Age 2-5 PMT: -750 I: 0.245 (2.94/12) n: 48 FV: $38,152.76 Total Day care fee: $38,152.76 Exepenses: Age 1-5 PMT: -750 I: 0.245% n: 60 FV: $48,411.96 Age 5-10 PMT: -1439 I: 0.245% n: 60 PV: $80,202.70 Age 10-15 PMT: -1420 I: 0.245% n: 60 PV: $79,143.73 $68,469.27 Age 15-18 PMT: -1330 I: 0.245% n: 36 PV: $45,775.61 $34,260.40 Age 18-22 PMT: -750 I: 0.245% n: 48 PV: $33,924.65 $23,276.69 Total Expenses: $254,621.02 University Tuition(18-22): PMT: -5000 I: 1.470% 0.0294/2 n: 8 PV: $37,478.59 $25,715.15 We should deduct RESP from her total cost. The period is 13 years.(5-18) We assume the RESPP's grant is $400 per year. PMT: -400 I: 2.94% n: 13 PV: $4,270.35 Total Cost for Pebbles until she completes university:
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Unformatted text preview: Total Day care fee+Total Expenses+Total university tuition-RESP's grant= $314,218.58 b) private schooling fee: PMT:-$24,996.00 2083*12 I: 2.940% n: 12 PV: $249,703.80 Total cost for pebbles= $563,922.38 1. Real interest rate is 2.94% per year 3. Pebbles will go to school in this year. The other words, she just is 6 now. 4. Pebble’s day care fee will be paid by monthly. 5. Pebble’s university tuition fee is $5,000 per year for a 4 years’ degree. 6. When Pebble was to include private schooling, the tuition fee will be paid by annual. 7. The point of present value cost is that Pebbles starts 6 years old. PV 5(2.94%,5ys,)= PV' 6(2.94%, 10ys)= PV'' 6(2.94%, 13)= PV''' 6(2.94%,13ys)=...
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This note was uploaded on 10/14/2011 for the course ADMS 3541 taught by Professor Staff during the Winter '10 term at York University.

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