Author Question: You are saving for your child's university education. It is her 1st birthday today. She will start ... (Read 96 times)

tatyanajohnson · **on:** Apr 25, 2021

Question 1

You are expecting to receive $70 per year at the end of each of the next five years. If you invest the money in account that pays 5%, then how much interest will you earn over the five years? (Round to the nearest whole dollar)
◦ $37
◦ $18
◦ $75
◦ $350
◦ $387

Question 2

You are saving for your child's university education. It is her 1st birthday today. She will start university just after her 19th birthday. You are going to save $2,000 per year each year starting today and ending on her 18th birthday. If you expect to earn a rate of 5% in the savings account, then how much will you have saved by her 19th birthday?
◦ $56,264.77
◦ $59,078.01
◦ $61,078.01
◦ $64,131,91
◦ $54,264.77

wergv · **Reply #1 on:** Apr 25, 2021

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