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kereshmeh
08.04.2021 •
Mathematics
Gary's parents want him to attend The University of Houston. They opened a college savings account 15 years ago. Today, average yearly tuition and fees for one year at the university are about $10,350. Based on this information, about how much should Gary's parents have saved each of the 15 years to cover the cost of 4 years at The University of Houston?
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Ответ:
Results are below.
Step-by-step explanation:
Giving the following information:
Today, average yearly tuition and fees for one year at the university are about $10,350.
I will assume a yearly interest rate of 8%.
First, we need to calculate the total amount needed:
Future value (FV)= 10,350*4= $41,400
Now, using the following formula, the annual deposit required:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (41,400*0.08) / [(1.08^15) - 1]
A= $7,194.22
Ответ: