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i need a detailed answer plz Cynthia's parents are planning to send her first to LAU to finish her BS in finance and then to
i need a detailed answer plz
Cynthia's parents are planning to send her first to LAU to finish her BS in finance and then to Virginia Tech University to get a Master's degree followed by a PhD in Finance. They need your help to prepare a financial plan to be able to pay her tuitions at both universities. a. Cynthia's parents opened a savings account on their daughter's behalf at Audi Bank. On Cynthia's 6th birthday (September 1, 2008) the value of the account showed $30,000. b. Cynthia is expecting to join LAU on her 18th birthday on September 1, 2020 and graduate on her 21st birthday. Sprembur 1 2023 c. She is expecting to join Virginia Tech on her 23 birthday (after working for two years in a financial institution to earn some required business experience) and graduate on her 28th birthday. Scptember 1 20 30 d. The tuition at LAU will be $20,000 per year during the first year and will grow at an annual rate of 5 percent. e. The tuition at Virginia Tech will be $40,000 per year during the first year and will grow at an annual rate of 4 percent. f. On January 1, 2009 Cynthia's parents started depositing monthly amounts in the savings account at Audi Bank to accumulate all her tuitions. The last monthly deposit will be on August 1, 2020. g. The bank pays an annual interest rate of 6 percent compounded monthly. h. Annual tuition is paid on Cynthia's birthdays at the beginning of the academic year. Determine the value of the monthly amounts that the parents of Cynthia are depositing to be able to meet all the tuition payments Step by Step Solution
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