Jennas children robert and lisa will start college in 9, Ask an Expert

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Jenna's children, Robert and Lisa, will start college in 9 years. The average cost for the college that she wishes them to attend is expected to be $22,000 each in 9 years with a likely 6% increase each year. The college will want its money up front. Knowing that she wanted her kids to go to college, she started saving for it 6 years ago. She invested $3,000 each year at 7.5% interest compounded semianually. She plans to invest $3,500 each year until they start college. Having gained more wisdom, her investments will earn 8.00% interest annually.

A) Will Jenna have enough money saved to send them to college for 4 years? If not, how much more will she have to invest per year in order to pay for college?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92044268

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