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(CHAPTER 6) You have two children who will start their college education in near future. For their tuition, you would like to plan early and

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(CHAPTER 6) You have two children who will start their college education in near future. For their tuition, you would like to plan early and set aside two large sums of money: End of year 1: $40,000 End of year 2: $26,000 You deposit these amounts at 7.8% annual interest rate. How much TOTAL money will you have in your bank account for your children's future tuition 3 years from today? (Increase decimal places for any intermediate calculations, from the default 2 to, for example, 6 or even higher. The more the better! Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.) (CHAPTER 6) The Present Value of all four of the following future cash flows is $2,000 when discounted at 6 percent annually. What is the dollar amount of the missing future cash flow? (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.) 1 year in the future $500 2 years in the future $600 3 years in the future $? 4 years in the future $800

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