(Answered) When steven was 3 years old on his birthday his grandmother

Statistics

When Steven was 3 years old (on his birthday), his grandmother decided to set up a trust account to pay for his college education. She wanted the account to grow to $100,000 by his 18th birthday. If she was able to invest her money at 7% per year, how much did she have to deposit into this trust account? (Note: The amount deposited is known as the present value of the investment. The $100,000 is known as the future value. Round your answer to the nearest cent.)

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92532319
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

A financial planning licensee striving for excellence in

"A Financial Planning Licensee striving for excellence in their fiduciary duty has decided to set a maximum limit of gearing for all client financial plans they construct." Comment on the merit of taking such an approach ...

You are working for a large corporation and oversee a

You are working for a large corporation and oversee a marketing research project. For this study, your questionnaire length is 10 minutes and the incidence is 35%, yielding a CPI is $23.00. Your company requires all rese ...

If you want to be 95 confident of estimating the population

If you want to be 95?% confident of estimating the population mean to within a sampling error of ±25 and the standard deviation is assumed to be 125?, what sample size is? required?

At a college 66 of courses have final exams and 56nbsp of

At a college, 66 % of courses have final exams and 56 % of courses require research papers. Suppose that 45 % of courses have a research paper and a final exam. Find the probability that a course has NONE of these two r ...

Parents who did not finish high school have sat math scores

Parents who did not finish high school have SAT math scores X with mean 451 and standard deviation 103. Scores Y of children of parents with graduate degrees have mean 567 and standard deviation 104. Perhaps we should st ...

1 what is the price of a semiannual 1000 par value bond

1) What is the price of a semiannual $1,000 par value bond with four years left until maturity that pays a coupon of 3.75% and is yielding 5.25%? What would it be yielding if the price decreased to $973.47? Assume semian ...

A customer service phone line claims that the wait times

A customer service phone line claims that the wait times before a call is answered by a service representative is less than 3.3 minutes. In a random sample of 62 calls, the average wait time before a representative answe ...

A confidence interval for a population mean is to be

A confidence interval for a population mean is to be estimated. The population standard deviation is guessed to be anywhere from 14 to 24. The half-width B desired could be anywhere from 2 to 7. Tabulate the minimum samp ...

Forty-nine percent of us teens have heard of a fax machine

Forty-nine percent of US teens have heard of a fax machine. You randomly select 12 US teens. Find the probability that the number of these selected teens that have heard of a fax machine is exactly six (first answer list ...

In general a binomial distribution can be approximated well

In general, a binomial distribution can be approximated well using a normal distribution only if

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert