Multiple Choice
Cary's wonderful parents established a college savings plan for him when he was born.They deposited $50 into the account on the last day of each month.The account has earned 10% compounded monthly,tax-free.Now he's off to State U.What equal amount can they withdraw beginning today (his 18th birthday) and each year for three additional years to spend on his education,assuming that the account now earns 7% annually.
A) $8,285
B) $8,865
C) $9,486
D) $30,028
Correct Answer:
Verified
Correct Answer:
Verified
Q1: A retirement home in Florida costs $200,000
Q6: John has to pay $1,000 per month
Q10: It is your 6<sup>th</sup> birthday today.You have
Q13: You want $20,000 in 5 years to
Q45: If Cathy deposits $12,000 into a bank
Q69: You are ready to retire.A glance at
Q84: What is the present value of $11,463
Q85: If we invest money for 10 years
Q124: A 65 year-old man is retiring and
Q144: D'Anthony borrowed $50,000 today that he must