It is September 1, 2010 and Richard Spender has a problem... HE SPENDS TOO MUCH!
ID: 2659830 • Letter: I
Question
It is September 1, 2010 and Richard Spender has a problem... HE SPENDS TOO MUCH! Richard has managedto rack up some impressive debts over the past few years; however, he has another problem. He has four kids: a 14 year old son, a 13 year old daughter,and twins (a boy and a girl) aged 11 who will all be going to university. Each child will begin universityin September of the year they turn 18 (so for his 14 year old son, there are exactly 4 years to go, for his 13 year old daugter there are 5 years to go, and for his twins there are 7 years to go). Each child will require $5,783 per year for four years, for tuition paymentspayable each September.Richard would like to set up a savings plan to cover this expense.As his Financial Advisor, you can offer him an interest rate of 3% compounded monthly for a college savings plan. However, Richard must take care of his other debts as well:Explanation / Answer
One Christmas morning a few years ago, an army chaplain decided to join some squaddies in their armoured vehicle for a routine patrol in downtown Baghdad. As they drove through the dry dusty streets, they were only too aware of the possible dangers that they either saw or imagined in every person or pile of rubble that they came across. As usual, they drove at walking pace. Within about ten minutes, they found themselves surrounded by a silent crowd. They soon realised that there was nothing to fear because the "crowd" consisted of about 20 skinny-looking, shabbily-dressed young children. They had that beige monochromatic look that we are all used to seeing in television reports - thin dusty faces, sand-matted hair , barefoot with beige and white ripped clothes. These were street kids. The chaplain signalled the driver to stop. The children came closer and closer, until some were actually touching the hot metal of the vehicle's bodywork. The chaplain, being the good man that he was, always carried sweets - not chocolate, because that tended to melt in these temperatures - just a paper bag full of ordinary boiled sweets. He leaned out of his window, held the open bag of sweets and smiled at the kids. The children all [...]
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.