Answer:
a. How much would they have to save each year to reach their goal?
43860,44
b. If they think you will take five years instead of four to graduate and decide to have $ 220 comma 000 saved just in case, how much would they have to save each year to reach their new goal?
48246,48
Explanation:
FVOrdinary Annuity=C*(1+i)n-1/i
ANNUiTY=(180000)/(1+10%)>18/10%
Annuty 2000000 1,10
45,59917313 5,559917313
43860,44444
Monthly % N Monthly % VF
43860,44444 1,10 17 43860,44444 5,05 221.691,31
43860,44444 1,10 16 43860,44444 4,59 201.537,56
43860,44444 1,10 15 43860,44444 4,18 183.215,96
43860,44444 1,10 14 43860,44444 3,80 166.559,96
43860,44444 1,10 13 43860,44444 3,45 151.418,15
43860,44444 1,10 12 43860,44444 3,14 137.652,86
43860,44444 1,10 11 43860,44444 2,85 125.138,97
43860,44444 1,10 10 43860,44444 2,59 113.762,70
43860,44444 1,10 9 43860,44444 2,36 103.420,63
43860,44444 1,10 8 43860,44444 2,14 94.018,76
43860,44444 1,10 7 43860,44444 1,95 85.471,60
43860,44444 1,10 6 43860,44444 1,77 77.701,45
43860,44444 1,10 5 43860,44444 1,61 70.637,68
43860,44444 1,10 4 43860,44444 1,46 64.216,08
43860,44444 1,10 3 43860,44444 1,33 58.378,25
43860,44444 1,10 2 43860,44444 1,21 53.071,14
43860,44444 1,10 1 43860,44444 1,10 48.246,49
43860,44444 1,10 0 43860,44444 1,00 43.860,44
2000000
FVOrdinary Annuity=C*(1+i)n-1/i
ANNUiTY=(180000)/(1+10%)>18/10%
Annuty 2200000
45,59917313
48246,48889
