Computing the annual payment for tuition and for room

Reference no: EM131806939

Question: You want to bank enough money to pay for 4 years of college at $15,000 per year for your child. The savings account will pay an effective rate of 6% per year. The first annual payment for tuition and for room and board is made on your child's 18th birthday. If you deposit the money on your child's 3rd birthday, how much must you deposit?

Reference no: EM131806939

Questions Cloud

Create a definition of coding accuracy : Create a definition of coding accuracy in your own words and two examples of how inaccurate coding might impact billing or reimbursement for the facility

Produce for the purchaser of the mine : What rate of return would this $240,000 investment produce for the purchaser of the mine?

What amount of gross profit will be recognized in each year : Schuss Corporation sold equipment to Potsdam Company for $20,000. What amount of gross profit will be recognized in each year

Make the journal entry to record orioles transaction : Prepare the journal entry to record Oriole's transaction, under the following conditions. (Round answers to 0 decimal places, e.g. $38,487.

Computing the annual payment for tuition and for room : You want to bank enough money to pay for 4 years of college at $15,000 per year for your child. The savings account will pay an effective rate of 6% per year.

What is the internal rate of return : (a) What is the internal rate of return for this investment? (b) Should this investment be accepted if the other options have a rate of return of 12%?

What ideas do you have for funding your proposal : What are your solutions to solve this problem, step by step? What is the cost? How is this cost incurred? What ideas do you have for funding your proposal?

Calculate the cost of an interior door and an exterior door : Calculate the cost of an interior door and an exterior door under the existing simple costing system

What is the rate of return for machine : The salvage value of the machine will be $20,000. What is the rate of return for this machine?

User Account

All Pages