GM- A10Complete the table. Show your complete solution.MaturityValueCompoundPrincipalRateTime (year)InterestP 50,00010.5%102%P 50,0009.25%2.5P 100,000

The compound interest formula is A=P1+rn, where A is the maturity value, P is the principal amount,…

Answered: GM- A10 Complete the table. Show your…

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 23E

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The average annual cost of college at 4-yearprivate colleges was $31,231 in the 2014–2015 academicyear. This was a 3.7% increase from the previous year.(a) If the cost of college increases by 3.7% each year, whatwill be the average cost of college at a 4-year privatecollege for the 2034–2035 academic year?(b) College savings plans, such as a 529 plan, allowindividuals to put money aside now to help pay forcollege later. If one such plan offers a rate of 2%compounded continuously, how much should be put ina college savings plan in 2016 to pay for 1 year of thecost of college at a 4-year private college for an incomingfreshman in 2034?
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The average annual cost of college at 4-year private colleges was $25,143 in the 2008–2009 academic year. This was a 5.9% increase from the previous year. Source:The College Board (a) If the cost of college increases by 5.9% each year, what will be the average cost of college at a 4-year private college for the 2028–2029 academic year?(b) College savings plans,such as a 529 plan,allow individuals to put money aside now to help pay for college later.If one such plan offers a rate of 4% compounded continuously, how much should be put in a college savings plan in 2010 to pay for 1 year of the cost of college at a 4-year private college for an incoming freshman in 2028?
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GM- A10 Complete the table. Show your complete solution. Compound Maturity Principal Rate Time (year) Interest Value P 50,000 10.5% 10 2% P 50,000 9.25% 2.5 P 100,000