i need the answer quickly Your parents have accumulated a $130,000 nest egg. They have been planning to use this money to pay college costs to be incurredby you and your sister, Courtney. However, Courtney has decided to forgo college and start a nail salon. Your parents are givingCourtney $34,000 to help her get started, and they have decided to take year-end vacations costing $10,000 per year for the next fouryears. Use 6 percent as the appropriate interest rate throughout this problem, Use Anpendix A and Appendix D for an approximateanswer, but calculate your final answer using the formula and financial calculator methods.a. How much money will your parents have at the end of four years to help you with graduate school, which you will start then? (Roundyour final answer to 2 decimal places.)cesFunds available for graduate schoolb. You plan to work on a master's and perhaps a PhD. If graduate school costs $30.820 per year, approximately how long will you beable to stay in school based on these funds? (Round your finel answer to 2 decimal places.)Number of years

Answer A: Computation of present value using a financial calculator: N = 4 I/Y = 6% PMT = $10,000 FV…

a. How much money will your parents have at the end of four years to help you with graduate school, which you will start then? (Round your final answer to 2 decimal places.) Funds available for graduate school b. You plan to work on a master's and perhaps a PhD. If graduate school costs $30.820 per year, approximately how long will you be ahle to stay in school based on these funds? (Round your finel answer to 2 decimal places.)

a. How much money will your parents have at the end of four years to help you with graduate school, which you will start then? (Round your final answer to 2 decimal places.) Funds available for graduate school b. You plan to work on a master's and perhaps a PhD. If graduate school costs $30.820 per year, approximately how long will you be ahle to stay in school based on these funds? (Round your finel answer to 2 decimal places.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 2FPE

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