Bob and Carol are planning for the birth of their first child exactly four years from today. They are now ready to start their savings plan for the big event. The current hospital cost for having a healthy baby at the local hospital is $6500 after all insurance payments. Pre-natal care for the immediate 12-month period prior to having the baby amounts to $2000 out-of-pocket costs. Carol’s best friend is planning a baby shower, so only a crib, a baby carrier, and other miscellaneous items will be needed, which all cost $1,200 today. However, these items will be purchased and paid for the day of the child’s birth, and the items are expected to increase in costs by 10% each year over the next four years due to inflation.

Bob and Carol now have $500 in cash that they plan to put in the bank in order to cover the all the new costs. Also, Uncle Ted has promised to contribute $1000 at the end of year two, as a present to Bob and Carol for baby expenses. 

Currently, Bob and Carol can earn 6% compounded annually on this money. In order to be able to pay cash for all these expenses on the day the baby is born, how much will Bob and Carol have to save, assuming the baby is born exactly four years from today

Questions:

Draw the timeline that illustrates the timing of all the events of the situation described above. How much will Bob and Carol need to have in the bank on the day the baby is born in order to achieve all their goals? What amount needs to be saved at the end of each year in order for Bob and Carol to reach their financial goals?

Project
Our group needs to come up an NJIT (New Jersey Institute of Technology) webpage that can query data.
The webpage should require users (faculty members) to login with their user ID and password or create/register user ID’s and passwords if it’s a new user.
Except the admin (who will have access to every and any information) the users should only have access to their own information (update/edit/modify if necessary).
User’s should be able to look at selective information provided by the admin and request for specific funds/grants if and when approved.
Overall, the admin (full access) and user’s (limited access) should be able to query data through various search methods within the webpage. Â
An example of such a webpage would be the registration site for NJIT. I as a student can only access certain sections of the page, such as update my personal info, look up classes, select classes and add/drop classes; whereas the advisor/counselor can access every and any students information as well as other sections in the NJIT website.Â

Necessary files (the attached hyperlink below consists of excel sheets that need to be in the database and when the admin/faculty performs a search/query, they should be able to populate the data accordingly)

http://www.njit.edu/research/researchers/active-programs.php

Project
Our group needs to come up an NJIT (New Jersey Institute of Technology) webpage that can query data.
The webpage should require users (faculty members) to login with their user ID and password or create/register user ID’s and passwords if it’s a new user.
Except the admin (who will have access to every and any information) the users should only have access to their own information (update/edit/modify if necessary).
User’s should be able to look at selective information provided by the admin and request for specific funds/grants if and when approved.
Overall, the admin (full access) and user’s (limited access) should be able to query data through various search methods within the webpage. Â
An example of such a webpage would be the registration site for NJIT. I as a student can only access certain sections of the page, such as update my personal info, look up classes, select classes and add/drop classes; whereas the advisor/counselor can access every and any students information as well as other sections in the NJIT website.Â

Necessary files (the attached hyperlink below consists of excel sheets that need to be in the database and when the admin/faculty performs a search/query, they should be able to populate the data accordingly)

http://www.njit.edu/research/researchers/active-programs.php