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Timeline depicting situation follows

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You plan to save $8,000 each of the next 40 years, and invest that money in an account that pays 8% annual interest. In addition, you plan to pay for your child's college education beginning in fifteen years. You expect that education to cost $20,000 per year for four years. To pay for the education, you will simply withdrawal money from your investment account. In addition, a long-lost relative recently died, leaving you $50,000. A timeline depicting this situation follows.

Date

0

1-14

15-18

19-40

Deposits

$50,000

$8,000

$8,000

$8,000

Withdrawals

$20,000

How much money will you have just after you make your last deposit forty years from today?

Reference no: EM131087217

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