Now, imagine you are the parent, and 18 years ago, your child was born. At the time of your child's birth, you considered saving money for a college education. 5.) How much money would you need to deposit into a savings account at the time of your child's birth (lump sum) if you wanted to have the amount you figured in question #2 in 18 years? 2(120 448) a) If your rate of return is 8% compounded annually. b) If interest is 6.8% compounded monthly.
Now, imagine you are the parent, and 18 years ago, your child was born. At the time of your child's birth, you considered saving money for a college education. 5.) How much money would you need to deposit into a savings account at the time of your child's birth (lump sum) if you wanted to have the amount you figured in question #2 in 18 years? 2(120 448) a) If your rate of return is 8% compounded annually. b) If interest is 6.8% compounded monthly.
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Transcribed Image Text:Now, imagine you are the parent, and 18 years ago, your child was born. At the time of your
child's birth, you considered saving money for a college education.
5.) How much money would you need to deposit into a savings account at the time of
your child's birth (lump sum) if you wanted to have the amount you figured in
question #2 in 18 years?
220 448)
a)
If your rate of return is 8% compounded annually.
b)
If interest is 6.8% compounded monthly.
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