The Accumulated Savings Account and The Sinking Fund

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1.) Name a college or university.  Give the four-year cost for that college or university.  Specify whether the amount you are using includes tuition, cost of attendance, or some other type of total cost.

2.) What's a specific fairly new common savings tool used by parents to save money for their child's college cost?  Hint: It's not a bond or certificate of deposit. The plan is a pre-tax savings plan ( I am basically giving you the answer -do some research.)  State the average interest rates in which this accounts generally perform as well as if they collect simple, compound or continuous interest.  Reference the site/s that provides you the info.

3.) Let's look into how realistic the commercial above proves.  In dollars, how much does GEICO save the average family that changes to their insurance company (per month or per year)?  Make sure you specify the interval.  Reference the site/s that provides you the info.

4.)  Based on the pie chart above, if your parents deposited their savings from switching to GEICO (at the end of each compounding period) to a certain savings vehicle, did their savings raise enough funds to pay their part college.  State the type of savings account they're using and a realistic rate of interest for that account. Tell how you're justifying that interest rate.  Reference the site/s that provides you the info. Hint: To figure out the problem use the accumulated savings formula we proved in class.

5.) Pick an age (literally or imaginatively) that you started saving for college. Average a realistic amount you saved for some given interval.  According to the pie chart above, use of the sinking fund model in your book to calculate and compare what you should have been saving on the last day each interval.  Are you or have you been saving enough?  I hope so!