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A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 5% interest, compounded monthly. (Round your answer to two decimal places.)
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- A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $41,000 when the child reaches the age of 18? Assume the money earns 5% interest, compounded monthly. (Round your answer to two decimal places.)A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $40,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born to have $42,000 when the child reaches the age of 18? Assume the money earns 8% interest compounded quarterly. Round your answer to two decimal places.)
- A couple plans to save their child's college education. What principal must be deposited by the parents when their child is born in order to have 39,000$ when the child reaches the age of 18? Assume the money earns 8%!interest, compounded quarterly. Round answer to two decimal places.A couple plans to save for their child’s college education. What principal must be deposited by the parents when their child is born in order to have$80,000 when the child reaches the age of 18? Assume the money earns 8% interest, compounded quarterly.A couple plans to invest money for their child's college education. What principal must be deposited by the parents when their child turns 7 in order to have 30,000 when the child reaches the age of 18? Assume the money earns 6% interest, compounded quarterly.
- A couple wants to begin saving money for their daughter's education. $16,000 will be needed on the child’s 18th birthday, $18,000 on the 19th birthday, $20,000 on the 20th birthday, and $22,000 on the 21st birthday. Assume 5% interest with annual compounding. The couple is considering two methods of accumulating the money. a. How much money would have to be deposited into the account on the child's first birthday to accumulate enough money to cover the education expenses? (Note: A child’s “first birthday” is celebrated 1 year after the child is born.) b. What uniform annual amount would the couple have to deposit each year on the child’s first through seventeenth birthdays to accumulate enough money to cover the education expenses?A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.28 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5507 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.98% per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5002 on the son's 18th, 19th, 20th, and 21st birthday? Roud off to two decimal places.
- Grandparents plan to open an account on their grandchild's birthday and contribute each month until she goes to college. How much must they contribute at the beginning of each month in an investment that pays 7%, compounded monthly, if they want the balance to be $170,000 at the end of 18 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. (b) Solve the problem. (Round your answer to the nearest cent.)New parents wish to save for their newborn's education and wish to have $47,000 at the end of 19 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.3% compounded annually? (Round your answers to two decimal places.)$ How much interest would they earn over the life of the account?$A couple plans to save for their child's college education. What principle must be deposited by the parents when their child is born in order to have? $39000 when the child. Reaches? The age of eighteen assume the money earns seven percent interest compounded quarterly.