Use Tables 12-1 and 12-2 from Your Text to Answer

question 116

Short Answer

Use Tables 12-1 and 12-2 from your text to answer the following problems. (Round dollars to the nearest cent)
-Refer to Narrative in your text 12-1. Scott and Chris are sending a child to college this year.
A)How much must Chris and Scott deposit today in order to withdraw $20,000 at the BEGINNING of each year for 4 years, if interest is 7% compounded annually?
B)How much more must be deposited if they want to withdraw $20,000 at the BEGINNING of each year for 5 years, if interest is 7% compounded annually?

• A)How much must Chris and Scott deposit today in order to withdraw $20,000 at the BEGINNING of each year for 4 years, if interest is 7% compounded annually?
• B)How much more must be deposited if they want to withdraw $20,000 at the BEGINNING of each year for 5 years, if interest is 7% compounded annually?

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Definitions:

Schistosomiasis

A parasitic disease caused by trematode worms of the genus Schistosoma, transmitted through contact with contaminated water.

Fluke

A type of parasitic flatworm, belonging to the class Trematoda, that infects various animals, including humans.

Elephantiasis

Disease caused by a roundworm called the filarial worm.

Roundworms

A phylum of worms known as Nematoda, characterized by their elongated, cylindrical, and unsegmented bodies.