Calculate the age of your son

Assignment Help Finance Basics

Reference no: EM1359623

You plan to start saving for your son's college education. He will begin college when he turns 18 years old and will need $4,000 at that time and in each of the following three years. You will make a deposit at the end of this year in an account that pays 6 percent compounded annually, and an identical deposit at the end of each year, with the last deposit occurring when he turns 18. If an annual deposit of $1,484 will allow you to reach your goal, how old is your son now?

Reference no: EM1359623

Questions Cloud

Determine the expected spot rate : My question is if the US expects to raise prices by 3% within the next year and in Switzerland prices may rise 7% at the same time,

Determine the highest return investment : Determine which of the given three investments offers you the highest rate of return on your $1,000 investment over the next 5-years.

Organizational cultures - impact on decision making : Find a qualitative, a quantitative and a mixed methodology study on any of the 3 mentioned topics above. Share the title of each and share the abstract of each in your own words.

Write procedures using counter and sychronisation techniques : Write the following procedures: woman_wants_to_enter, man_wants_to_enter, woman_leaves, man_leaves, using counters and sychronisation techniques to ensure that the correct behaviour will occur.

Calculate the age of your son : Suppose you plan to start saving for your son's college education. He will begin college when he turns eighteen years old and will need $4,000 at that time and in each of the following three years.

Swot analysis in the healthcare industry : SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.

Ethical and legal standards for testing : Using information in the APA (2000) and APA (2009) articles on responsibilities and rights of test takers and test users, discuss why it is important to have ethical and legal standards for testing.

Calculate daily expenditure and firm annual savings : XieCorp is analyzing the performance of its cash management. On average, the company holds inventory 65 days, pays its suppliers in 35 days, and collects its receivables in fifteen days.

Counselors work with clients : Select two ethical, legal, and/or professional issues and reflect on how they might impact a counselor's court testimony and/or a counselor's work with clients.

User Account

All Pages