On the day of their son’s birth, Mr. and Mrs. Su decided to set
aside a...
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Advance Math
On the day of their son’s birth, Mr. and Mrs. Su decided to setaside a sum of
money to provide for his college education. They wish to make asingle deposit in a bank that pays 9% compounded annually in orderto provide a payment of $12,999 on each of the son’s 18 th, 19th,20th, 21st birthdays. How much should they deposit?
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According to given information first we need to find the present value of 4 payments at the age of 1819 20 and 21st so first we need to find the present value of annual payments
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