Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kelly's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump

image text in transcribed
Kelly's parents want their child to go to the same college that they did. After talking with the college, they decided to pay a lump sum payment today so their child will have 5 years of prepaid tuition, fees, and housing for college. The college can receive 2.8%, compounded semi-annual in an annuity and will need to have $30,000.00 paid at the end of every six months for 5 years that Kelly will be attending school. If Kelly will attend school in 10 years, how much was deposited with the college? Kelly's parents deposited $ with the college. (Round to 2 decimal places.) Submit

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

Step: 3

blur-text-image

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

Elementary Algebra Graphs And Authentic Applications

Authors: Jay Lehmann

2nd Edition

0321923472, 9780321923479

More Books

Students also viewed these Mathematics questions

Question

Suggest a reasonable structure for vitamin D2.

Answered: 1 week ago

Question

Question 14: Good governance - has a value in the market place?

Answered: 1 week ago

Question

1. Why do we trust one type of information more than another?

Answered: 1 week ago