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A tather wants to set astde money tor his -year-old sons coliege education, by making annual deposits to a bank account in his sons name
A tather wants to set astde money tor his -year-old sons coliege education, by making annual deposits to a bank account in his sons name that pays 8% per annum, compounded quarteriy. 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 $4,000 on cach of his four birthdays from the 18th to the 21st?
Answer should be $1013.76, but show work.
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