A newborn child receives a $ 10,000 gift toward a college education from her grandparents.
1.) A newborn child receives a $10,000 gift toward a college education from her grandparents. How much will the $10,000be worth in 20 years if it is invested at 5.6% compounded quarterly?
2.) Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period:
$21,000 quarterly payments for 11years; interest rate 5.8%
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What is the payment?
3.) Find the amount necessary to fund the given withdrawals.
Monthly withdrawals of $800 for 5 years; interest rate is 5.4% compounded monthly
