Assume that your parents wanted to have $160,000 saved for college by your eighteenth birthday and they
Question:
a. How much would they have to save each year to reach their goal?
b. If they think you will take five years instead of four to graduate and decide to have $200,000 saved just in case, how much more would they have to save each year to reach their new goal?
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a 0 1 2 3 18 C C C C First we need to calculate the PV of 160000 in 18 years N IY PV PMT FV Ex...View the full answer
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