Question

Mr and Ms Berger are considering saving for the college
education of their daughter, Susan, who is exactly 10 years old
today. They estimate that college expense will run $30,000 per year
when their daughter reaches college in 8 years. The annual interest
rate over the next few decades will be 14 percent. How much should
they deposit in the bank each year from today till Susan is 17
years old (8 deposits in total) so that their daughter will be
completely supported through four years of college? ***(
please provide the calculation formula rather than using Excel
function)**

Additional information:

PVF-OA (14%, 4) = 2.9137

PVF (14%, 7) = 0.3996

PVF-AD (14%, 8) = 5.2883

Answer #1

John and Daphne are saving for their daughter Ellen's college
education. Ellen just turned 10 (at t = 0), and she will be
entering college 8 years from now (at t = 8). College tuition and
expenses at State U. are currently $14,500 a year, but they are
expected to increase at a rate of 3.5% a year. Ellen should
graduate in 4 years--if she takes longer or wants to go to graduate
school, she will be on her own....

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year until she begins college. If annual deposits of $3,960.46 will
allow you to reach your goal, how old is your daughter now? Assume
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Based on the information provided in this case study,...

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