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How much will be in your retirement account

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Q1. Suppose that a young couple has just had their first baby today and they wish to ensure that enough money will be available to pay for their? child's college education. ? Currently, college? tuition, books,? fees, and other? costs, average? $21,968 per year. Assuming that costs continue to increase an average of? 2% per? year, tuition and other costs per year for this student in 18 years when she enters college will be __________.

Q2. Assume that you are 30 years old? today, and that you are planning on retirement at age 65. Your current salary is? $45,000 and you expect your salary to increase at a rate of? 5% per year as long as you work. To save for your? retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 31st birthday and will be? 8% of this? year's salary. ? Likewise, you expect to deposit? 8% of your salary each year until you reach age 65. Assume that the rate of interest is? 7%. How much will be in your retirement account when you are 65?

Reference no: EM132829093

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