A father has saved a fund to provide for his son'S 4-year university program. The fund will pay $6310 at the end of each months for 6 months (the begin on September), plus an extra $9400 each September 1st, for 4 years. If ja = 11.34 %, what is the value of the fund on the first day of university (before any withdrawals)? Answer: 68692.54
A father has saved a fund to provide for his son'S 4-year university program. The fund will pay $6310 at the end of each months for 6 months (the begin on September), plus an extra $9400 each September 1st, for 4 years. If ja = 11.34 %, what is the value of the fund on the first day of university (before any withdrawals)? Answer: 68692.54
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 22E
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Transcribed Image Text:A father has saved a fund to provide for his son's 4-year university program.
The fund will pay $6310 at the end of each months for 6 months (the begin on
September), plus an extra $9400 each September 1st, for 4 years. If j, = 11.34
%, what is the value of the fund on the first day of university (before any
withdrawals)?
%3D
Answer: 68692.54
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