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You have been accepted into college. The college guarantees that your tuition will not increase for...

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Finance

You have been accepted into college. The college guarantees thatyour tuition will not increase for the four years you attendcollege. The first $10,000 tuition payment is due in six months.After that, the same payment is due every six months until you havemade eight payments. The college offers a bank account that allowsyou to withdraw money every six months and has a fixed APR of 4%(semiannual) guaranteed to remain the same over the next fouryears. How much money must you deposit today if you intend to makeno further deposits and would like to make all the tuition paymentsfrom this account, leaving the account empty when the last paymentis made?

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