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Education Planning With Questions And 100% ALL CORRECT ANSWERS
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JACKLINEEducation Planning With Questions And 100% ALL CORRECT ANSWERS
Terms in this set (37)
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D. $8,886.18
1/16
,1. Barry and Virginia have a six-year-old son, C
Daniel. They have plans for Daniel to attend a
four-year private university at age 18. The answer is $6,065.35.
Currently, tuition at the local private university is They would need to deposit $6,065.35 per year to meet the education funding goal.
$15,000 per year and is expected to increase at Step 1: Determine the future cost of college for the first year.
7% per year. 15,000, +/−, PV 7, I/YR 12, N Solve for FV = 33,782.8738, or $33,782.87
Assuming Barry and Virginia can earn an annual Step 2: Determine the account balance necessary to fund college education.
compound return of 10% and inflation is 4%, how BEG mode (money is needed at the beginning of college) 33,782.8738, +/−, PMT [(1.10 ÷ 1.07) − 1] ×
much does the couple need to start saving at the 100 = 2.8037, I/YR 4, N Solve for PV = 129,703.2143 or $129,703.21
end of each year (starting this year) to be able to Step 3: Determine the required savings payments.
pay for Daniel's college education? (Assume their END mode 129,703.2143, FV 12 N (payments continue until Daniel reaches 18) 10, I/YR Solve for
last payment is made at the beginning of Daniel's PMT = -6,065.3523, or $6,065.35
first year in college.)
A. $5,144.86
B. $5,899.93
C. $6,065.35
Education Planning
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, 9/2/24, 6:24 AM
2. Select the parental assets that are excluded D
from consideration when calculating the
Expected Family Contribution (EFC) for federal The answer is the excess of value over the amount owed on a personal residence.
financial aid. The equity in a personal residence or home is not included in the calculation of the EFC. The
accrued benefit or account balance in a retirement plan is an exempt parental asset
A. Mutual fund ownership
B. Annual contributions to a retirement plan
C. Rental real estate property
D. The excess of value over the amount owed on a
personal residence
3. To be eligible to receive federal student aid, a D
student must
The answer is I, II, III, and IV.
I. be a U.S. citizen. All of these are correct
II. be an eligible noncitizen of the United States.
III. maintain satisfactory academic progress.
IV. not be in default on a federal student loan.
A. II only
B. I and III
C. I, III, and IV
D. I, II, III, and IV
Education Planning
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