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please complete question 2 part b and question 3 PPUDIUM 2 wir Miley's father, Billy Ray, is planning for his daughter's college education. Currently, college
please complete question 2 part b and question 3
PPUDIUM 2 wir Miley's father, Billy Ray, is planning for his daughter's college education. Currently, college tuition at his alma mater, Georgetown College (KY), is $33,000 and is expected to increase by 3%, annually (i.e., double the current inflation rate). a. If Miley just turned 5 and is expected to begin attending Georgetown College when she turns 18, then what is her expected cost of first-year tuition? b. How much would Billy Ray need to deposit into an account today that pays an annual interest rate of 6% in order to cover his daughter's first-year cost of tuition? 33,000 37 48 461.61 5 6 7 8 9 1 1 12 13 14 15 16 17 18 b) Problem 3 If Mary deposits $4,000 a year for 3 years, starting a year from today, followed by 3 annual deposits of $5,000, into an account that earns 8% per year, how much money will she have accumulated in her account at the end of 10 years Step by Step Solution
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