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Create a schedule showing the cash inflows and outflows

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Jim is going to establish a University Fund for his daughter Jennifer, who is two year's old. He plans to make the first deposit of $10,000 today and make another 5 annual deposits of this amount. After this, annual deposits of $15,000 will be made until Jennifer's 17th birthday. Given the long term nature of the investment, Jim anticipates an 4% pa return. The money is then to be transferred to an account for Jennifer on her 17th birthday and she will then withdraw the money in equal annual amounts for 6 years starting on her 18th birthday. Jennifer will only be able to earn 2% pa on her money.

Question (i) How much money will be available on Jennifer's 17th birthday?

Question (ii) Create a schedule showing the cash inflows and outflows of this fund. How much will Jennifer be able to spend each year?

Reference no: EM132605169

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