11. COLLEGE EXPENSES In addition to his scholarship, Benjamin Wink needs $8000 every 6 months for living expenses and tuition at his university. As an engineering major, it will take 5 years to complete his degree. Assume funds earn 5% per year and find (a) the lum Sum that must be deposited to meet this need and (b) the interest earned.

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11. COLLEGE EXPENSES In addition to his scholarship, Benjamin Wink needs $8000 every
6 months for living expenses and tuition at his university. As an engineering major, it will
take 5 years to complete his degree. Assume funds earn 5% per year and find (a) the lump
sum that must be deposited to meet this need and (b) the interest earned.
Transcribed Image Text:11. COLLEGE EXPENSES In addition to his scholarship, Benjamin Wink needs $8000 every 6 months for living expenses and tuition at his university. As an engineering major, it will take 5 years to complete his degree. Assume funds earn 5% per year and find (a) the lump sum that must be deposited to meet this need and (b) the interest earned.
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