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help please I need help on these 4 questions ASAP! I appreciate it. 1- How much would you need to gift to the university today
help please I need help on these 4 questions ASAP! I appreciate it.
1- How much would you need to gift to the university today to establish a scholarship fund that pays out $15000 in scholarships in one year and grows the scholarship payout by 3% per year? Assume that the university endowment earns 6% per year on its investments.
2- You set up a college fund in which you pay $2500 each year at the end of the year. How much money will you have accumulated in the fund after 9 years, if your fund earns 7% compounded annually?
3- Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $3,000,000 in her retirement savings account in order to live comfortably. Mary currently has no retirement savings, and her investments will earn 4% annually. How much must she deposit into her account at the end of each of the next 40 years to meet her retirement savings goal?
4- You found your dream house. It will cost you $250000 and you will put down $55000 as a down payment. For the rest you get a 30-year 5.5% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)?
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