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- A man wants to help provide a college education for his young daughter. He can afford to invest $1500/yr for the next 5 years, beginning on the girl’s 5th birthday. He wishes to give his daughter $10,000 on her 18th, 19th, 20th, and 21st birthdays, for a total of $40,000. Assuming 6% interest, what uniform annual investment will he have to make on the girl’s 9th through 17th birthdays? PLEASE USE EXCEL SOFTWARE TO SOLVE. WOULD GIVE POSITIVE RATING.Answer in excel 4. A high school student counselor for college education advises a senior that if she attends a private college to which she has been accepted, her annual cost after scholarship will be $12000 for each of four years. After graduating, she can expect to earn for the next twenty years $8000 year more a year than she would have if she did not go to college.a. What is the internal rate of return on this investment?You calculate that you will need $75,000 in ten years to be able to pay for your daughter's college education. If you invest $20,000 today, what rate of return will you need to achieve this goal? Select one: A. Between 12% and 13% B. Between 13% and 14% C. Between 14% and 15% D. Between 15% and 16%
- Mark is trying to decide if he should attend college or not. Part of his decision will be based on the return on investment of college. He estimates costs to attend Texas Tech for 4 years including room and board are $20,000 per year. He also assumes tuition costs will rise by 3.5% per year. How much is a 4-year degree going to cost Mark? $92,183.27 $84,298.86 $7,231,158.87 $1,314,002.834. Assume the total cost of a college education will be $300,000 when your child enters college in 18 years. You presently have $65,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Annual rate of interest %A young couple is planning for the education of their two children. They plan to invest the same amount of money at the end of each of the next 16 years, i.e., the first contribution will be made at the end of the year and the final contribution will be made at the time the oldest child enters college. The money will be invested in securities that are certain to earn a return of 8 percent each year. The oldest child will begin college in 16 years and the second child will begin college in 18 years. Assume each child begins school in January and each school year is a calendar year. The parents anticipate college costs of $25,000 per year (per child). These costs must be paid at the end of each year (i.e. the tuition for the oldest child’s first year of college must be paid at the end of the 17th year). If each child takes four years to complete their college degrees, then how much money must the couple save each year?
- Gabe and Sarah would like to begin saving for their children's college education. They would like to know the amount of college funds that would be necessary on day one of college to pay for all tuition costs for each child. The current tuition at the university is $25,000. The couple is comfortable assuming an annual rate of return of 6% on their college investment savings program. They anticipate that each child will begin college at age 18 and attend for four years. The Consumer Price Index (CPI) is expected to be 3% and the expected college inflation rate is 5% per year.I tried to answer the following exercise. Please let me know if it is correct. If I didn't do it right, please correct me. You would like to have $200,000 in a college fund in 15 years. How much do you need today if you expect to earn 12% while you are investing to pay for your child’s college? Answer: PV=200,000/(1+0.12)^15= 200,000/5.4736=36,539.02 The amount needed today to invest at 12% for 15 years to grows 200,000 is 36,539.02Megan Berry, a freshman horticulture major at the University of Minnesota, has some financial questions for the next three years of school and beyond. Round your answers for the following questions to the nearest dollar. Megan is already looking ahead to graduation and a job, and she wants to buy a new car not long after her graduation. If after graduation she begins an investment program of $3,000 per year in an investment yielding 5 percent, what will be the value of the fund after three years? (Hint: Use Appendix A-3 or the Garman/Forgue companion website.) Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places. $ Megan's Aunt Karroll told her that she would give Megan $1,200 at the end of each year for the next three years to help with her college expenses. Assuming an annual interest rate of 5 percent, what is the present value of that stream of payments? (Hint: Use Appendix A-4 or the Garman/Forgue companion website.) Round Present…
- 46. Your younger sister, Brittany, will start college in five years. She has just informed your parents that she wants to go to Eastern State U., which will cost $30,000 per year for four years (costs assumed to come at the end of each year). Anticipating Brittany's ambitions, your parents started investing $5,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest each year for the next five years to have the necessary funds for Brittany's education? Use 10 percent as the appropriate interest rate throughout this problem (for discounting or compounding). Round all values to whole numbers. 47. Brittany (from Problem 46) is now 18 years old (five years have passed), and she wants to get married instead of going to college. Your parents have accumulated the necessary funds for her education. Instead of funding her schooling, your parents are paying $10.000 for her current wedding and plan to take year-end vacations…Assume the total cost of a college education will be $355,000 when your child enters college in 16 years. You presently have $57,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)Youngs want to know the cost of college education for the two children so that they can approach Angel’s father about fully funding 529 Plans. The current cost of education is $35,000 per year in today’s dollars and the inflation rate is expected to be 5%. They expect the children to be in school for 6 years each, and while they don’t know, they expect the 529 Plan’s investment rate to be 8.5%. Step 1: Calculate the inflation-adjusted, six-year cost of each child’s college education N = i = FV = PMT = PV= Step 2: Calculate the present value of the lump-sum cost of each child’s six years of college. For the 4 old For the 2 year old FV = FV = N = N = i = i = PMT = PMT = PV = PV = Total PV of two children: Step 3: Calculate the payment needed to each child’s 529 Plan For the 4 old For the 2 year old PV = PV = N = N = i = i = FV = FV = PMT = PMT = Total…
