Parents have set up a sinking fund in order to have $120,000 in 15 years for their

Question:

Parents have set up a sinking fund in order to have $120,000 in 15 years for their children's college education. How much should be paid semiannually into an account paying 6.8% compounded semiannually?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Mathematics for Business Economics Life Sciences and Social Sciences

ISBN: 978-0321614001

12th edition

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

See More Books

Question Posted: Apr 14, 2016 07:33 AM

See More Questions

The municipality of Kirkfield borrowed $100 000 to build a recreation centre. The debt principal is to be repaid in eight years, and interest at 13.75% compounded annually is to be paid annually. To...
The city of Glendale borrows $48 million by issuing municipal bonds to help build the Arizona Cardinals football stadium. It plans to set up a sinking fund that will repay the loan at the end of 10...
To redeem a $100 000 promissory note due in 10 years, Cobblestone Enterprises has set up a sinking fund earning 7.5% compounded semi-annually. Equal deposits are made at the beginning of every six...
A geostationary satellite orbiting at a height 36,000km operates at 4GHz using a transmitter antenna that has a gain of 15dB. On earth the receiver antenna has a gain of 45dB. Calculate; (a) Free...
The second- largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given...
A magnetic disk system has the following parameters: T s = average time to position the magnetic head over a track R = rotation speed of disk in revolutions per second N t = number of bits per track...
Give two examples of a business-oriented discrete random variable. Do the same for a continuous random variable.
Charlene owns a 70% interest in Maupin Mopeds, which is organized as a partnership. She wants to open another business and needs office space for it. She has Maupin distribute a building worth...
Use the article A Surprising Shakeout Among Banks as Rates Rise - WSJ20171101 to answer the following questions: Question: When interest rates rise, banks will perform better if they: A) Keep lending...
Q: 3. What was the WACC for Heinz at the start of fiscal year 2010? What was the WACC one year earlier? Show all values used in your calculations. The risk-free rates are quite low, in your opinion...
Recently, The Hartford offered an annuity that pays 5.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $100,000 in 10 years?
If $2.(XK) is deposited at the end of each quarter for 2 years into an ordinary annuity earning 7.9% compounded quarterly, construct a balance sheet showing the interest earned during each quarter...
Two sides and an angle are given. Determine whether the given information results in one triangle, two triangles, or no triangle at all. Solve any triangle(s) that results. a = 3, b = 2, A = 50
The amounts of caffeine in a sample of five-ounce servings of brewed coffee are shown in the histogram. Number of 5-ounce servings S 25- 20 15 10 25 12 10 1 2 70.5 92.5 114.5 136.5 158.5 Caffeine (in...
Tom, David, Dale, and Murdock are four business students who want to rent a four- bedroom apartment together for the fall semester. They have identified the three factors important to them in...
Listed below, out of order, are the steps in an accounting cycle. 1. Prepare the unadjusted trial balance. 2. Post journal entries to general ledger accounts. 3. Analyze transactions from source...
Consider Quick Start QFD Matrix 2 above. Which two technical specifications are strongly correlated with each other? Quick Start QFD Matrix 2 Strong positive correlation Some positive correlation ==...
A cylindrical solenoid of length $\ell$ and radius $R$ has $n$ windings per unit length and carries a current $I$. (a) Use the inductance expression $L=\left(\mu_{0} N^{2} A ight) / \ell$...
Describe global culture. Do you think a truly global culture exists? In what way has technology helped the emergence of global cultural patterns?
Suppose you won a financial literacy competition and are given FJS10000 to invest, with the condition that investment can be done either in, i) Invest in Unit trust of Fiji or Invest in Fijian...
A company with manufacturing plants in California and Texas has labor-hour and wage requirements for the manufacture of two inexpensive calculators as given in matrices M and N below: (A) Find the...
Find the inverse of each matrix in Problem if it exists. 4 3] -3 -2
Each of the matrices in Problem is the final matrix form for a system of two linear equations in the variables x 1 and x 2 . Write the solution of the system. -4 6] 1 0 1
Aecerty 1067687 was completed with the folowing charaderistick Murulectere sec00 5xs:99 s35ida sputed
Assume todays settlement price on a CME EUR futures contract is $1.3180 per euro. You have a long position in one contract. EUR125,000 is the contract size of one EUR contract. Your performance bond...
Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years $5,000 residual value amortized using straight-line method. Prepare a table to illustrate the differences...

Parents have set up a sinking fund in order to have $120,000 in 15 years for their

Question:

Step by Step Answer:

FV 120000 n 152 30 ...View the full answer

College Mathematics for Business Economics Life Sciences and Social Sciences

Students also viewed these Finance questions