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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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Answer & Explanation Solved by verified expert
3.7 Ratings (506 Votes)
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    See Answer
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