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Home Q & A Board Science-Related Homework Help Mathematics
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cyberk cyberk
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11 months ago
The average annual costs to support a child born today are estimated as follows:

Years 1 to 6$12,000
Years 7 to 12$11,000
Years 13 to 17$10,000
Years 18 to 19$15,000


The costs in the early years include child care expenses or foregone earnings of the care-giving parent.

a) What is the aggregate total cost (ignoring the time value of money) of raising a child to age 19?
b) To the nearest dollar, what is the total economic value, at the date of birth of a child, of these future expenditures, allowing for a time value of money of 6% compounded monthly? Assume that the annual costs are paid in equal end-of-month amounts.
c) To the nearest dollar, what will be the economic value at age 19 of the past expenditures, allowing for a time value of money of 6% compounded monthly?
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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bhturnerbhturner
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11 months ago
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cyberk Author
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11 months ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
jamiebonf99
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Yesterday
Thank you, thank you, thank you!
terriroberts96
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2 hours ago
This helped my grade so much Perfect
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