You are saving for the college education of your two children. They are two years apart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $45,000 per year per child, payable at the beginning of each school year. The annual interest rate is 7.5 percent. Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college.
How much money must you deposit in an account each year to fund your children’s education? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Recently Asked Questions
- The pulley shown above has a mass of 1.00 kg and radius R = 30.0 cm, and can be treated as a uniform solid disk that can rotate about its center. The block
- Please refer to the attachment to answer this question. This question was created from 517F AIS New - Microsoft OneNote Online.pdf.
- Not everyone supported the independence movement within the colonies. Explain who supported independence and who did not. Be sure to include a discussion