Sarah wants to start college after 5 years for which she wants to accumulate money...
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Finance
Sarah wants to start college after 5 years for which she wants to accumulate money by making annual deposits in her bank account beginning at the end of Year 1. She estimates that she will have to make a payment of $8,000 at the beginning of each year through the 4-year study program with the first payment to be made at the beginning of Year 6. Given a discount rate of 11%, what is the amount that must be deposited at the end of each year for the next 5 years to satisfy the eventual payment obligations?
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