How much money did kens parents place

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Reference no: EM13340443

1) In five years your oldest child will be in 8th grade, at which point you and your family plan to vacation in Spain. You estimate that you will need $20,000 for the trip. How much do you need to set aside today if you can place your money in an investment vehicle earning an average of 4.50% per year? 1) _______

2) Swan Construction had sales seven years ago of $2,150,000. This year their sales hit $4,600,000. What has been Simpson's average annual rate of growth of sales? 2) _______

3) Your friend Ken started college at the age of 18 with $63,450 already saved, because 18 years ago when he was born his parents placed money into a special college savings account earning 7.25% per year. How much money did Ken's parents place into his college account? 3) _______

4) Gasoline cost $.10 per gallon in 1930. Over the next 60 years, the price rose at an average rate of 4.42% per year. Based on this information, what was the average price of a gallon of gas in 1990? 4) _______

5) Given the following cash flows, what is the future value at year ten when compounded at an interest rate of 12.0%?

Year	0	1	5	10
Cash Flow	$4,000	$3,000	$2,000	$1,000

5) _______

Reference no: EM13340443

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