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A couple has decided to start a college educational trust fund for their newborn child. Suppose they deposit an initial $1,000 into the account on
A couple has decided to start a college educational trust fund for their newborn child. Suppose they deposit an initial $1,000 into the account on the child's actual day of birth, then on each subsequent birthday, they deposit $5,000 into the account for the first 10 years. After the tenth year, the couple stops depositing money into the account. When the child goes off to college, the trust fund will pay her R dollars on her 18^th, 19^th, 20^th, 21^st, and 22^nd birthday. Use the TVM solver to help determine the value of R if the money earns 2% interest compounded annually. Show in detail how you arrived at your answer. Your final answer should be in the form of a sentence. Write short comments in your solution that describe the steps you use to solve this problem. There is one small, but very important detail that will determine if you calculate the correct answer or not, so think about each step very carefully
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