Personal Wealth Management

In: Business and Management

Submitted By arsenal83
Words 517
Pages 3
Assumptions,
Assume education inflation rate as 2.5%
Assume their monthly saving will be invested instead of deposited into bank.
Objective 1
Determine the future value of the tertiary educations cost of $15,000pa for both Sam & Sally for a period of 3 years whereby Samuel commerce university in 2020 & Sally in 2021. Calculations
Sam tertiary education cost commerce in 2020
FV=PV(1+r)n
FV 2020= $15,000(1+0.025)8
FV 2020= $18, 276
FV 2021= $15,000(1+0.025)9
FV 2021= $18,733
FV 2022= $15,000(1+0.025)10
FV 2022= $19,201

Sally tertiary education cost commerce in 2021
FV=PV(1+r)n
FV 2021= $15,000(1+0.025)9
FV 2021= $18,733
FV 2022= $15,000(1+0.025)10
FV 2022= $19,201
FV 2023= $15,000(1+0.025)11
FV 2023= $19,681 Therefore the total tertiary education cost needed in 2020= $18,276, 2021= $37,466, 2022= $38,403 and 2023= $19,681
Objective 2
Determine the monthly saving needed in order to be able to pay for the tertiary education in 2020= $18,276, 2021= $37,466, 2022= $38,403 and 2023= $19,681
Calculations
Monthly PMT for 2020
Use FV= PMT[(1+r)n-1/r], r=0.05/12, n= 8*12=96
$18,276=PMT[(1+0.00416667)96-1/0.00416667
$18.276=PMT(117.7405)
PMT 2020=$155.23

Monthly PMT for 2021
Use FV= PMT[(1+r)n-1/r], r=0.05/12, n= 9*12=108
$37,466=PMT[(1+0.00416667)108-1/0.00416667
$37,466=PMT(136.0432)
PMT 2021=$275.40

Monthly PMT for 2022
Use FV= PMT[(1+r)n-1/r], r=0.05/12, n= 10*12=120
$38,403 =PMT[(1+0.00416667)120-1/0.00416667
$38,403 =PMT(155.2823)
PMT 2022=$247.31

Monthly PMT for 2023
Use FV= PMT[(1+r)n-1/r], r=0.05/12, n= 11*12=132
$19,681=PMT[(1+0.00416667)132-1/0.00416667
$19,681=PMT(175.5057)
PMT 2022=$112.14

Objective 3
Now the amount needed for the monthly saving are found, we need to sum up all the monthly saving for each year starting from year 2012.
The table express in monthly total for the year 2012 2013…...

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