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Find the annual deposit needed to accomplish

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Reference no: EM131777606

Let's assume that you're preparing for your (future) child (or grandchild)'s college education. 20 years later from now, your (future) child will go to college. Currently you're considering two colleges for your (future) child (or grandchild). 

University of Pennsylvania - Tuition - $72, 584

https://www.sfs.upenn.edu/paying/cost-of-attendance.htm

University of California - Los Angeles - Tuition - $61,618

https://www.admission.ucla.edu/Prospect/budget.htm

Estimate future costs of two colleges for your (future) child (or grandchild) and calculate needed annual savings for two colleges. Please specify your assumptions for computation of future costs and needed annual savings.

  1. Using the tuition and related information in (1), you need to compound it at a reasonable "inflation" rate for education-related expenses for 20 years. Tuition inflation rate 5%
  2. After you calculate this projected cost, your next job is to find the annual deposit needed to accomplish the goal - meeting the educational expenses. Saving account has 0.06% APY

Reference no: EM131777606

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