Please help... I have no idea how to solve this. Your parents have accumulated a $170,000 nest egg. ?
- david hLv 63 weeks ago
Just what is your question ?
- DavidLv 74 weeks ago
Make sure that you're the principle benefactor in their wills and maybe use your own resources in their untimely deaths.
- Anonymous4 weeks ago
Neither do we because in spite of the ? at the end, it's not a question.
- 4 weeks ago
Take out the 32000 that they're giving to the sister
They're going to spend 10000 per year for 4 years while getting 8% per year in interest
138000 - 10000 = 128000
128000 * (1 + 0.08) = 128000 * 1.08 = 128000 + 10240 = 138240
138240 - 10000 = 128240
128240 * 1.08 = 138499.20
138499.20 - 10000 = 128499.20
128499.20 * 1.08 = 138779.14
138779.14 - 10000 = 128779.14
128779.14 * 1.08 = 139081.47
They're going to spend 29780 per year sending you to college.
(139081.47 - 29780) * 1.08 = 118,045.5876 = 118045.59
(118045.59 - 29780) * 1.08 = 95,326.8372 = 95326.84
(95326.84 - 29780) * 1.08 = 70,790.5872 = 70790.59
(70790.59 - 29780) * 1.08 = 44,291.4372 = 44291.44
(44291.44 - 29780) * 1.08 = 15,672.3552
Looks like you can manage 5 full years.
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- HenryLv 54 weeks ago
The answer is that that isn't a question, as told by the period at the end!
- 4 weeks ago
They have been planning to use this money to pay college costs to be incurred by you and your sister, Courtney. However, Courtney has decided to forgo college and start a nail salon. Your parents are giving Courtney $32,000 to help her get started, and they have decided to take year-end vacations costing $10,000 per year for the next four years. Use 8 percent as the appropriate interest rate throughout this problem. Use Appendix A and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
a. How much money will your parents have at the end of four years to help you with graduate school, which you will start then?
b. You plan to work on a master’s and perhaps a PhD. If graduate school costs $29,780 per year, approximately how long will you be able to stay in school based on these funds?