Accounting Assignment | College Homework Help
March 18th, 2020
Calculate the money needed to achieve the financial goals of these people A. The parents of a baby wish to establish a college fund for their child. They deposit $100 every month into an account for 18 years. The money earns 6 3/8% interest compounded monthly. Find the future value of this account. B. How much money can the student withdraw from the account in “Part A” every month (including summer school) for 4 years of the money is now in an account that pays 6.1% compounded monthly?
A newly married couple wants $25,000 twenty five years from now to take an anniversary trip to Hawaii. How much money must be deposited every month into an account earning 6.2% interest in order to meet this goal? A person receives $18,000 inheritance and decides to deposit it into an account earning 3.25% interest compounded quarterly. What will be the value of the money after 20 years? You want $5000 4 years from now for a down payment on a car. How much money must be deposited monthly into an account earning 4.2% compounded monthly to achieve this goal?Get Accounting Homework Help today