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A mining company CEO wants to help provide college education for the daughter of a high performance underground worker. He can afford to invest $750/yr.
A mining company CEO wants to help provide college education for the daughter of a high performance underground worker. He can afford to invest $750/yr. for the next 4 years, beginning on the students fourth birthday. He wishes to give the future student $5,000 on her 18th, 19th, 20th, and 21st birthdays, for a total of $20,000. Assuming 6% interest, what uniform annual investment will he have to make on the girls 8th through 17th birthday? (show all steps clearly)
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