NLMB7633

29.11.2019 • 

Business

You want to provide spending money for your 4 year old during their college years. you can afford to deposit $600/year for the next 4 years (starting this year). you would like to give your child $4,000 per year for in their 18th, 19th, 20th, and 21st birthdays for a total of $16,000. assuming 5% interest, what uniform annual investment will you have to make on the child's 8th through 17th birthdays to meet this goal? (assume that at the 18th year, you pull all of the money out of your account in preparation for the gifts).

Ответ:

noathequeen

13.01.2022

Business

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$‭2,025‬

Explanation:

Your monthly payment based on the rate of 6.3% per annum is:

= (6.3% * 1,620,000 ) / 12 months

= 102,060‬ / 12

= $‭8,505‬

Now that the rate has gone up to 7.8% per annum, the payment is:

=  (7.8% * 1,620,000 ) / 12 months

= ‭126,360‬ / 12

= $‭10,530‬

Payment went up by:

= ‭10,530‬ - 8,505

= $‭2,025‬

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