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Unit 5 DB college Algebra - Assignment Example

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She can take a 20 year plan, which would attract a 3.5% annual interest with one compounding period per year (Treasury Direct, 2012)…
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Unit 5 DB college Algebra
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Future Value Future Value The US Government Savings Bond is a highly recommendable plan for the grandmother to finance her grandchild’s higher education in the future. She can take a 20 year plan, which would attract a 3.5% annual interest with one compounding period per year (Treasury Direct, 2012). By the time the grandchild is 20 years old, he/she will be ready to attend college, hence the choice of a 20-year plan. Besides, this is among the safest ways to save one’s money among those available in the market.
Principal, P= $25,000
Annual interest rate, r=3.5%
Time in years, t = 20
Number of compounding periods per year, n=1
F(t) = P(1+r/n) t
F(20) = 25,000(1+3.5%/1)20
F(20) = 25,000(1+0.035) 20
F(20) = 25,000(1.035) 20
F(20) = 25,000*1.98978886347
F(20) = $49,744.72
From the above calculation, the grandmother’s $25,000 will be worth $49,744.72 in twenty years, if the US Government Savings Bond 20 year plan is chosen. The average tuition fee at a public university in the US is about $5,000 while that of a private college is $20,000 (Forgrave, 2009). I would, therefore, recommend that the grandson attends a public university whose tuition fees will amount to about $20,000. A student loan and grant may also come in handy, especially considering that the cost of living will not exactly be the same as it is 20 years from now. All in all, the grandmother will have an additional $29,744.72 to take care of these uncertainties should they arise. This additional amount will also take care of the grandson’s upkeep, books, and other personal effects.
References
Forgrave, R. (2009). How much will an American college education cost? Helpful hints for cutting your education expenses in the U.S. Web. Retrieved August 16,2012 from Treasury Direct. (2012). EE/E Savings Bonds. Retrieved August 16, 2012 from http://www.treasurydirect.gov/indiv/products/prod_eebonds_glance.htm Read More
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