Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 11, 2024

A couple decides that in 16 years they will need to have saved $47,000 for their 2-year old child's post-secondary education. How much should be

A couple decides that in 16 years they will need to have saved $47,000 for their 2-year old child's post-secondary education.

How much should be invested now at 5.9% annual interest, compounded weekly, in order to save this amount for their child's post secondary education?

$9,876.53
$18,296.01
$18,502.73
$12,656.50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Analytics Data Analysis and Decision Making

Authors: S. Christian Albright, Wayne L. Winston

5th edition

1133629601, 9781285965529 , 978-1133629603

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Write a paper guided by the following requirements: a. Introduction: Write a brief introduction to the paper. b. Feasibility Study Research Summary: Research the concept of conducting a feasibility...

Answered: 1 week ago

Question

★★★★★

How would the findings of the COURAGE study affect your strategy as an Ohio insurer?

Answered: 1 week ago

Question

★★★★★

=+4. What is a reasonable value estimate as assessed by an independent advisor?

Answered: 1 week ago

Question

★★★★★

Jordan Enterprises has estimated the contribution margin (P MC)/P for its Air Express model of basketball shoes to be 40 percent. Based on market research and past experience, Jordan estimates the...

Answered: 1 week ago

Question

★★★★★

A couple decides that in 16 years they will need to have saved $47,000 for their 2-year old child's post-secondary education. How much should be invested now at 5.9% annual interest, compounded...

Answered: 1 week ago

Question

★★★★★

What action should be taken if a plotted value falls below the lower control limit on a process control chart? Question 12Select one: a. Try a larger standard deviation value b. Recalibrate the...

Answered: 1 week ago

Question

★★★★★

A content strategy is a tactical plan for how you will achieve your goals with your socials. What are the three key components of a content strategy

Answered: 1 week ago

Question

★★★★★

A decrease in the investment rate. Suppose the US congress enacts legislation that discourages saving and investment, such as the elimination of the investment tax credit that occurred in 1990. As a...

Answered: 1 week ago

Question

★★★★★

2. Titania Co. sold $600,000 of 12% bonds on June 1, 2015. The bonds pay interest on December 1 and June 1. The bonds mature on June 1, 2020. The bonds yield 10%, and were sold for $638,780. On...

Answered: 1 week ago

Question

★★★★★

3. A large bubble (5 m3) of pure methane gas is released from a broken riser pipe on an\ offshore oil rig. If the break in the riser pipe is 600 m beneath the ocean surface where the\ water...

Answered: 1 week ago

Question

★★★★★

Pick a sports team that you are familiar with (e.g., the university basketball team or a local professional team) and answer the following questions: Describe the team you chose to focus this...

Answered: 1 week ago

Previous Question Next Question