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How large must the deposit be

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Q1. Millet wants to provide a 200,000 graduation gift for her daughter Mae who is now 16 years old. She would like the fund to be available by the time her daughter is 20. She decides on an investment that pays 10% compounded quarterly. How large must the deposit be?

Q2. Ms. Cruz can buy a piece of property for 6,500,000 cash or 4,000,000 down payment and 4,200,000 in five (5) years. If she has money earning 8% converted quarterly, which is a better purchased plan and by how much?

Reference no: EM133099686

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