Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you have been accepted into college. the college g

You have been accepted into college. The college guarantees that your tuition will not increase...

70.2K

Verified Solution

Question

Finance

image

You have been accepted into college. The college guarantees that your tuition will not increase for the four years you attend college. The first $10,100 tuition payment is due in six months. After that, the same payment is due every six months until you have made a total of eight payments. The college offers a bank account that allows you to withdraw money every six months and has a fixed APR of 3.8% (with semiannual compounding) guaranteed to remain the same over the next four years. How much money must you deposit today if you intend to make no further deposits and would like to make all the tuition payments from this account, leaving the account empty when the last payment is made? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount of money you must deposit today is $ (Round to the nearest cent.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe the process in vitro growth (IVG) of oocyte and the application in Reproductive Biotechnology.

Medical Sciences
Q

The amount of time until a laptop breaks down follows a an exponential distribution which has...

Physics
Q

CASE 11.2 : JAPAN'S CANON USES INCENTIVE COMPENSATION ( JAPAN) 1. Do you perceive any constraints on...

General Management
Q

Prove that {??+?:?,???} is dense in ? if and only if  r is an irrational number.

Advance Math
Q

A thin semicircular conducting ring PQR of radius r is falling with its plane vertical...

Physics
Q

Which method for calculating a credit card balance does not take into account the purchases...

Geometry
Q

What is the length of one side of a square whose area is 100 square...

Basic Math
Q

3 2 1 5 4 3 2 1 3 1 2 3 4 Lur The...

Algebra
Q

Barclay Bikes manufactures and sells three distinct styles of bicycles: the Youth model sells for...

Accounting
Q

Which of the following comparisons best isolates the impact that changes in operating efficiency have...

Accounting
Q

1. The Practice of Management written by A. O Peter F Drucker B. O Terry...

Accounting
Q

Fill Out The Blank 1 NOTES & ASSUMPTIONS 2 The tax rate...

Accounting