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1. 2. 3. 4. Assume the total cost of a university education will be $60,000 when your child enters university in 8 years. You presently
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Assume the total cost of a university education will be $60,000 when your child enters university in 8 years. You presently have $30,000 to invest. What annual rate of interest (APR) must you earn, if the interest is compounded semi-annually? Enter your answer as a percentage. Do not include the percentage sign in your answer. Enter your response below rounded to two decimal places. % Suppose you will need $12,000 in 19 years. If your bank compounds interest at an annual rate of 4%, how much will you need to deposit into your account 1 year(s) from now to reach your goal? Enter your answer rounded to two decimal places. Suppose you plan to save $8,000 at the end of each coming year for the next 22 years from now for retirement. The interest rate is 9%. How much will you have 22 years from now? Enter your response below. If the effective annual rate of interest is known to be 15% on a debt that has monthly payments, what is the annual percentage rate? Enter your answer as a percentage rounded to 2 DECIMAL PLACES. Do not include the percentage sign in your answer. Enter your response below. %Step by Step Solution
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