*NOT USING EXCEL* 1. [8 pts) The Smith family is planning for...
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Accounting
*NOT USING EXCEL* 
1. [8 pts) The Smith family is planning for their daughter's education. She just turned 5 years old and will be 18 when she starts university. They are planning to make monthly deposits of $300 into an RESP (Registered Educational Savings Program). Deposits are made at the end of each month. They anticipate that they can earn a return of 4.8% APR compounded monthly on their RESP. When their daughter starts university, she will withdraw $20,000 to pay for her 1st year. The balance will be paid out at the end of each year (end of 1st, end of 2nd and end of 3) in equal amounts to pay for the subsequent years. During those 3 years the Smith's hope that the account will earn 6% APR compounded annually. How much can their daughter expect to withdraw each year
*NOT USING EXCEL*
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