Tuesday
July 29, 2014

Homework Help: College Algebra

Posted by Please, 1 last question! on Wednesday, February 1, 2012 at 10:56pm.

The principal is $25,000. This is P.

Research the annual interest rate for your investment. This is r.

State the time in years for the investment (as in when the new grandchild will be attending college). This is t.

State the number of compounding periods per year. This is n.

Model the future value of Grandma’s investment as an exponential function, with time as the independent variable:

F(t) = P(1 + r/n) nt

State the future value of Grandma’s investment.

Use the internet or library resources to find the average cost of a college education today; will grandma’s investment be able to cover the cost in today’s dollars; what about in the future?

Summarize your findings in writing using proper style and grammar.

According to College Data the average college tuition for out of state students is around $20,000. According to Sallie Mae rates range from 3.29% APR – 9.48% APR Sallie, so I picked 5%.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Math - 1.The principal is $50,000. This is P. 2.Research the annual interest ...
Algebra - The principal is $25,000. This is P. Research the annual interest rate...
algebra - A grandmother is looking for a plan to finance her new grandchild’s ...
algebra - grandma ploan to finance her grandchilds college education she has 50,...
compound interest - How do I solve these problems? Complete the table for a ...
algebra - Hannah invests $3850 dollars at an annual rate of 6% compounded ...
COLLEGE ALGEBRA - An investment of $63,000 was made by a business club. The ...
COLLEGE ALGEBRA - An investment of $63,000 was made by a business club. The ...
algebra - an investment of $50,000 was made by a busines club. the investment ...
college algebra - A grandmother is looking for a plan to finance her new ...

Search
Members