Kyle is entering high school and is determined to save money for college. Kyle feels he can save $6,000 each year for the next 4 years from his part-time job. If Kyle is able to invest at 12%, how much will he have when he starts college? Of this amount, how much is cash invested, and how much is interest earned? View the Present Value of $1 table. View the Future Value of $1 table. (Round your answer to the nearest dollar.) View the Present Value of Ordinary Annuity of $1 table. View the Future Value of Ordinary Annuity of $1 table. If Kyle is able to invest at 12%, how much will he have when he starts college? Amount Kyle will have when he starts college = $ 28,676 Of this amount, how much is cash invested, and how much is interest earned? Amount of cash invested = Amount of interest earned =
Kyle is entering high school and is determined to save money for college. Kyle feels he can save $6,000 each year for the next 4 years from his part-time job. If Kyle is able to invest at 12%, how much will he have when he starts college? Of this amount, how much is cash invested, and how much is interest earned? View the Present Value of $1 table. View the Future Value of $1 table. (Round your answer to the nearest dollar.) View the Present Value of Ordinary Annuity of $1 table. View the Future Value of Ordinary Annuity of $1 table. If Kyle is able to invest at 12%, how much will he have when he starts college? Amount Kyle will have when he starts college = $ 28,676 Of this amount, how much is cash invested, and how much is interest earned? Amount of cash invested = Amount of interest earned =
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Kyle is entering high school and is determined to save money for college. Kyle feels he can save $6,000 each year for the next 4 years from his part-time job. If Kyle is able to invest at 12%, how
much will he have when he starts college? Of this amount, how much is cash invested, and how much is interest earned?
View the Present Value of $1 table.
View the Future Value of $1 table.
(Round your answer to the nearest dollar.)
View the Present Value of Ordinary Annuity of $1 table.
View the Future Value of Ordinary Annuity of $1 table.
If Kyle is able to invest at 12%, how much will he have when he starts college?
Amount Kyle will have when he starts college =
$ 28,676
Of this amount, how much is cash invested, and how much is interest earned?
Amount of cash invested =
Amount of interest earned =
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