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please answer following questions with step thank you so much. Questions 8-12 are related to the slide set for Chapter 5 8) I want my

please answer following questions with step thank you so much. image text in transcribed
Questions 8-12 are related to the slide set for Chapter 5 8) I want my daughter to go to Yale University in 18 years. Unfortunately, a degree from Yale currently costs $300,000. I expect my investments to earn 9%, and for the cost of college to grow at 4% per year. How much money do I have to invest today in order to pay for her degree? a) solve this problem using the approximation technique b) solve this problem by finding the exact amount required c) bonus of 5 points. In reality, I will be investing money each year for 18 years. How much money to I have to invest per year in order to be able to afford Yale? Do not use the approximation technique, find the exact answer. 9) A student has $100,000 in college debt. It has an APR of 6%, compounded monthly. a) what is the EAR on this debt? b) if the student makes monthly payments for 30 years, what will the monthly payment have to be? Hint: use equation 2 from the introduction slides. In that equation, N is not 30 and r is not 6% (payments are monthly, not annual)

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