446 A father wants to set aside money for his 8-year-old son's college education, by making annual deposits to a bank account in his son's name that pays $% per annum, compounded quarterly. What equal deposits must the father make on the son's 9th through 17th birthdays, in order for the son to be able to withdraw $4000 on each of his four birthdays from the 18th to the 21st? Ans. $1013.76 4.47 A savings account earns interest at the rate of 6%% per year, compounded quarterly. How much money must initially be placed in the account to provide for fifteen end-of-year withdrawls, if the first withdrawal is $2000 and each subsequent withdrawal increases by $350? Ans. $36 792