Assuming an annual return of 12 percent with a Coverdell Education Savings Account, how much would $1,600.00 annual contributions be worth when the child is 18 and ready to enter college? Click on the table icon to view the FVIFA table: When the child is 18 and ready to enter college, the account will be worth $ (Round to the nearest cent Data table Click on the following icon in order to copy its contents into a spreadsheet.) Future Value of an Annuity (FVIFA) n = 18 3% 23.4144 4% 25.6454 5% 28.1324 6% 30.9057 7% 33.9990 8% 37.4502 9% 41.3013 10% 45.5992 11% 50.3959 12% 55.7497 13% 61.7251 14% 68.3941 15% 75.8364 -
Assuming an annual return of 12 percent with a Coverdell Education Savings Account, how much would $1,600.00 annual contributions be worth when the child is 18 and ready to enter college? Click on the table icon to view the FVIFA table: When the child is 18 and ready to enter college, the account will be worth $ (Round to the nearest cent Data table Click on the following icon in order to copy its contents into a spreadsheet.) Future Value of an Annuity (FVIFA) n = 18 3% 23.4144 4% 25.6454 5% 28.1324 6% 30.9057 7% 33.9990 8% 37.4502 9% 41.3013 10% 45.5992 11% 50.3959 12% 55.7497 13% 61.7251 14% 68.3941 15% 75.8364 -
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Assuming an annual return of 12 percent with a Coverdell Education Savings Account, how much would $1600.00 annual contributions be worth when the child is 18 and ready to enter college?
When the child is 18 and ready to enter college, the account will be worth $? Round to the nearest cent! Please show a step by step process!
PV=PMT*FVIFAV_(i_(2)n)
Transcribed Image Text:Assuming an annual return of 12 percent with a Coverdell Education Savings Account, how much would
$1,600.00 annual contributions be worth when the child is 18 and ready to enter college? Click on the table
icon to view the FVIFA table:
When the child is 18 and ready to enter college, the account will be worth $ (Round to the nearest cent
Data table
Click on the following icon in order to copy its contents into a spreadsheet.)
Future Value of an
Annuity (FVIFA)
n = 18
3%
23.4144
4%
25.6454
5%
28.1324
6%
30.9057
7%
33.9990
8%
37.4502
9%
41.3013
10%
45.5992
11%
50.3959
12%
55.7497
13%
61.7251
14%
68.3941
15%
75.8364
-
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