Description of future value of money

Reference no: EM1330342

You want to bank enough money to pay for 4 years of college at $20,000 per year for your child. The savings account will pay an effective rate of 5% per year. The first annual payment for tuition and for room and board is made on your child's 17th birthday. If you deposit the money on your child's 3rd birthday, how much must you deposit?

Reference no: EM1330342

Questions Cloud

Attribute to poor controlling and poor leadership : We think about why all the competitive benchmarking wasn't effectively implemented, would we have to attribute it to poor controlling? Poor leadership? Something else?

What are challenges that multi-national corporations : What are challenges that multi-national corporations pose to unions and Why do some foreign countries present greater roadblocks to "one big global union" than others, explain?

Human rights violations and assessing eus responses : What was the EU reponse to the human rights violations in Quantanamo Bay?

Selection system for the hr department : Selection System for the HR Department - A job knowledge test specifically designed for HR professionals that focuses on an applicant's general knowledge of HR management

Description of future value of money : You want to bank enough money to pay for 4 years of college at $20,000 per year for your child. If you deposit the money on your child's 3rd birthday, how much should you deposit?

Annuity due-bond returns-rate of return : Bond Returns. You purchase an 8 percent coupon, 20-year maturity bond when its yield to maturity is nine percent. A year later, the yield to maturity is 10 percent. What is your rate of return over year?

Prepare a checklist of steps to ensure executive onboarding : Prepare a checklist of steps to ensure that executive onboarding will result in a timely and efficient process to orient new executives to the organization and give the rationale for the sequence you develop.

Human rights violations : Quantanamo Bay: Prisoners of War or Tried under Criminal Law?

Leading conservative force in american politics : How does one go from being a "New Dealer" to becoming a leading conservative force in American politics? This is the journey of Ronald Reagan from the late 1930's to the early 1960's.

User Account

All Pages