Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $30,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%? Click the icon to view the table. Data table The annual sinking fund payment is $ (Round to the nearest cent as neede $1.00 Sinking Fund Payments Periods 1 2 Rate per period 1% 2% 3% 4% 1.0000000 1.0000000 1.0000000 1.0000000 1.0000000 1.0000000 0.4975124 0.4950495 0.4926108 0.4901961 0.4854369 0.4807692 6% 8% 3 0.3300221 0.3267547 0.3235304 0.3203485 0.3141098 0.3080335 4 0.2462811 0.2426238 0.2390270 0.2354900 0.2285915 0.2219208 5 0.1960398 0.1921584 0.1883546 0.1846271 0.1773964 0.1704565 6 7 8 9 0.1625484 0.1585258 0.1545975 0.1507619 0.1433626 0.1363154 0.1386283 0.1345120 0.1305064 0.1266096 0.1191350 0.1120724 0.1206903 0.1165098 0.1124564 0.1085278 0.1010359 0.0940148 0.1067404 0.1025154 0.0984339 0.0944930 0.0870222 0.0800797 0.0955821 0.0913265 0.0872305 0.0832909 0.0758680 0.0690295 10 11 12 12 13 14 15 16 17 0.0864541 0.0821779 0.0780774 0.0741490 0.0667929 0.0600763 0.0788488 0.0745596 0.0704621 0.0665522 0.0592770 0.0526950 0.0724148 0.0681184 0.0670295 0.0601437 0.0529601 0.0465218 0.0669012 0.0626020 0.0585263 0.0546690 0.0475849 0.0412969 0.0621238 0.0578255 0.0537666 0.0499411 0.0429628 0.0368295 0.0579446 0.0536501 0.0496108 0.0458200 0.0389521 0.0329769 0.0542581 0.0499698 0.0459525 0.0421985 0.0354448 0.0296294 18 0.0509820 0.0467021 0.0427087 0.0389933 0.0323565 0.0267021 19 0.0480518 0.0437818 0.0398139 0.0361386 0.0296209 0.0241276 20 0.0454153 0.0411567 0.0372157 0.0335818 0.0271846 0.0218522 25 0.0354068 0.0312204 0.0274279 0.0240120 0.0182267 0.0136788 0.0287481 0.0246499 0.0210193 0.0178301 0.0126489 0.0088274 0.0204556 0.0165558 0.0132624 0.0105235 0.0064615 0.0038602 30 40 50 0.0155127 0.0118232 0.0088655 0.0065502 0.0034443 0.0017429 - ☑
Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $30,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%? Click the icon to view the table. Data table The annual sinking fund payment is $ (Round to the nearest cent as neede $1.00 Sinking Fund Payments Periods 1 2 Rate per period 1% 2% 3% 4% 1.0000000 1.0000000 1.0000000 1.0000000 1.0000000 1.0000000 0.4975124 0.4950495 0.4926108 0.4901961 0.4854369 0.4807692 6% 8% 3 0.3300221 0.3267547 0.3235304 0.3203485 0.3141098 0.3080335 4 0.2462811 0.2426238 0.2390270 0.2354900 0.2285915 0.2219208 5 0.1960398 0.1921584 0.1883546 0.1846271 0.1773964 0.1704565 6 7 8 9 0.1625484 0.1585258 0.1545975 0.1507619 0.1433626 0.1363154 0.1386283 0.1345120 0.1305064 0.1266096 0.1191350 0.1120724 0.1206903 0.1165098 0.1124564 0.1085278 0.1010359 0.0940148 0.1067404 0.1025154 0.0984339 0.0944930 0.0870222 0.0800797 0.0955821 0.0913265 0.0872305 0.0832909 0.0758680 0.0690295 10 11 12 12 13 14 15 16 17 0.0864541 0.0821779 0.0780774 0.0741490 0.0667929 0.0600763 0.0788488 0.0745596 0.0704621 0.0665522 0.0592770 0.0526950 0.0724148 0.0681184 0.0670295 0.0601437 0.0529601 0.0465218 0.0669012 0.0626020 0.0585263 0.0546690 0.0475849 0.0412969 0.0621238 0.0578255 0.0537666 0.0499411 0.0429628 0.0368295 0.0579446 0.0536501 0.0496108 0.0458200 0.0389521 0.0329769 0.0542581 0.0499698 0.0459525 0.0421985 0.0354448 0.0296294 18 0.0509820 0.0467021 0.0427087 0.0389933 0.0323565 0.0267021 19 0.0480518 0.0437818 0.0398139 0.0361386 0.0296209 0.0241276 20 0.0454153 0.0411567 0.0372157 0.0335818 0.0271846 0.0218522 25 0.0354068 0.0312204 0.0274279 0.0240120 0.0182267 0.0136788 0.0287481 0.0246499 0.0210193 0.0178301 0.0126489 0.0088274 0.0204556 0.0165558 0.0132624 0.0105235 0.0064615 0.0038602 30 40 50 0.0155127 0.0118232 0.0088655 0.0065502 0.0034443 0.0017429 - ☑
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $30,000 for
a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%?
Click the icon to view the table.
Data table
The annual sinking fund payment is $
(Round to the nearest cent as neede
$1.00 Sinking Fund Payments
Periods
1
2
Rate per period
1%
2%
3%
4%
1.0000000 1.0000000 1.0000000 1.0000000 1.0000000 1.0000000
0.4975124 0.4950495 0.4926108 0.4901961 0.4854369 0.4807692
6%
8%
3
0.3300221 0.3267547 0.3235304 0.3203485 0.3141098 0.3080335
4 0.2462811 0.2426238 0.2390270 0.2354900 0.2285915 0.2219208
5
0.1960398 0.1921584 0.1883546 0.1846271 0.1773964 0.1704565
6
7
8
9
0.1625484 0.1585258 0.1545975 0.1507619 0.1433626 0.1363154
0.1386283 0.1345120 0.1305064 0.1266096 0.1191350 0.1120724
0.1206903 0.1165098 0.1124564 0.1085278 0.1010359 0.0940148
0.1067404 0.1025154 0.0984339 0.0944930 0.0870222 0.0800797
0.0955821 0.0913265 0.0872305 0.0832909 0.0758680 0.0690295
10
11
12
12
13
14
15
16
17
0.0864541 0.0821779 0.0780774 0.0741490 0.0667929 0.0600763
0.0788488 0.0745596 0.0704621 0.0665522 0.0592770 0.0526950
0.0724148 0.0681184 0.0670295 0.0601437 0.0529601 0.0465218
0.0669012 0.0626020 0.0585263 0.0546690 0.0475849 0.0412969
0.0621238 0.0578255 0.0537666 0.0499411 0.0429628 0.0368295
0.0579446 0.0536501 0.0496108 0.0458200 0.0389521 0.0329769
0.0542581 0.0499698 0.0459525 0.0421985 0.0354448 0.0296294
18 0.0509820 0.0467021 0.0427087 0.0389933 0.0323565 0.0267021
19 0.0480518 0.0437818 0.0398139 0.0361386 0.0296209 0.0241276
20 0.0454153 0.0411567 0.0372157 0.0335818 0.0271846 0.0218522
25 0.0354068 0.0312204 0.0274279 0.0240120 0.0182267 0.0136788
0.0287481 0.0246499 0.0210193 0.0178301 0.0126489 0.0088274
0.0204556 0.0165558 0.0132624 0.0105235 0.0064615 0.0038602
30
40
50 0.0155127 0.0118232 0.0088655 0.0065502 0.0034443 0.0017429
-
☑
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