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How much will ricky first year of college cost

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Reference no: EM132920353

Ozzie and Harriet Wilson wonder how much they will need to save to fully fund four years of college for their son, little Ricky, who is 12 years old today. He plans to attend college at age 18. They know their first choice of college costs $16,000 per year now. College costs are increasing 6 percent annually. They feel it is possible to earn an effective annual rate of 9.381% (9 percent compounded monthly), both before and during college.

a. How much will Ricky's first year of college cost?

b. How much do the Wilson's need to fully fund college costs when Ricky begins college?

c. How much do Ozzie and Harriet need to deposit in an account today to fully fund four years of expenses?

d. How much will they need to save on a monthly basis starting at the end of this month to fully fund four years of expenses?

Reference no: EM132920353

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