a) In order to send your first child to Law School when the time comes, you want to accumulate RM45,000 at the end of 17

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

a) In order to send your first child to Law School when the time comes, you want to accumulate RM45,000 at the end of 17

Post by answerhappygod »

a) In order to send your first child to Law School when the time
comes, you want to accumulate RM45,000 at the end of 17 years.
Assuming that your savings account will pay 6.5% compounded
annually, calculate how much would you have to deposit if:
i. you want to deposit an equal amount at the end of each
year.
ii. you want to deposit one large lump sum today. (8 marks)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”