Question3. Ashley is planning to attend college when she graduates from hig

3. Ashley is planning to attend college when she graduates from high school 7 years from now. She anticipates that she will need $10,000 at the beginning of each college year to pay for tuition and fees, and have some spending money. Ashley has made an arrangement with her father to do the household chores if her dad deposits $3,500 at the end of each year for the next 7 years in a bank account paying 8 percent interest. Will there be enough money in the account for Ashley to pay for her college expenses on the day she starts College? Assume the rate of interest stays at 8 percent during the college years.
No, she needs additional $1,891.46
No, she needs additional $2,043.77
No, she needs additional $4,541.16
No, she needs additional $8,770.19
Yes, she has sufficient funds to cover her expenses.
4. Today is Jan. 1, 2012. Starting today you plan to invest $2000 every year, first deposit today and last deposit on Jan. 1, 2032. After that, you plan to leave the money in the same account until Jan. 1, 2040. However, the interest rate is 6% compounded quarterly until your last deposit and only 9% compounded annually after that. How much money will you have in your account on Jan. 1, 2040?
$83,687.63
$150,714.94
$161,875.93
$165,575.63
None of the above
5. You are saving for the college education of your two children. They are three years apart in age; one will begin college in 7 years, and another in 10 years. You estimate your first child’s college expenses to be $30,000 per year, paid at the beginning of each college year (first payment is at year 7 and so on). You estimate your second child’s college expenses to be $50,000 per year, paid at the beginning of each college year (first payment at year 10 and so on). The annual interest rate is 8 percent. How much money must you deposit in an account each year to fund your children’s education? You will begin payments one year from today. You will make your last deposit when your oldest child enters college. Also assume that each child will take 4 years to graduate from college.
$45,714.29
$35,863.17
$25,869.35
$27,938.94
None of the above

6. Ken borrows $15,000 from a ban

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.