Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i don't have gmail. is there another way? It is August 31 st and Genevive will start her course at ETS tomorrow, September 1st. During

i don't have gmail. is there another way?
image text in transcribed
It is August 31 st and Genevive will start her course at ETS tomorrow, September 1st. During her three years of CEGEP, she saved part of the money she earned at during the summer. She thus deposited 2,000S on August 31 of each year in a reporting account 5% interest compounded monthly. The last deposit was made today. She also deposited today in the same savings account the amount accumulated in a certificate of deposit of $500 purchased for him 20 years ago by his grandfather, while the Interest rate was 11.75% (fixed for 20 years), compounded semi-annually. Finally, at the same time, she deposited a check into her account that her parents gave her, representing the balance accumulated in an education savings account into which they had contributed, on 31 August of each of the last 10 years, the same amount. This account bore interest at 8% composed quarterly. They made the last of 10 filings a year ago. Assuming his account interest rate continues to be 5%, compounded monthly and considering the account balance as of today, Genevieve believes that she could withdraw $600 per month at the start of each month for the next 4 years. She will do the first withdrawal tomorrow, September 1. How much did his parents put into the education savings account each year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

A Course In Derivative Securities

Authors: Kerry Back

2005th Edition

3540253734, 978-3540253730

More Books

Students also viewed these Finance questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago