help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Christina plans to contribute RM1,200 a year to her niece’s college education

Christina plans to contribute RM1,200 a year to her niece’s college education

Finance

Christina plans to contribute RM1,200 a year to her niece’s college education. Her
niece will graduate from high school in 10 years. If the interest rate is 6%, how
much money does Christina need to save for her by the time she graduates from
high school?

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

Christina plan to contribute RM 1,200 a year to her niece's college education

Her niece will graduate from high school in 10 years

Interest rate is 6 %

Christina need to save for her=

1200(1+0.06)^9+1200(1+0.06)^8+1200(1+0.06)^7+1200(1+0.06)^6+1200(1+0.06)^5+1200(1+0.06)^4+1200(1+0.06)^3+1200(1+0.06)^2+1200(1+0.06)^1+1200(1+0.06)^0

= 2027.32+1912.62+1804.36+1702.22+1605.87+1514.97+1429.22+1348.32+1272+1200

=RM 15,816.95

=RM 15,817 approx

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)