Question
Cassie pays for her daughters college education by depositing $X into a fund at the beginning of each month for 20 years. The fund earns
Cassie pays for her daughter’s college education by depositing $X into a fund at the beginning of each month for 20 years. The fund earns i = 0.07. Lori withdraws $35,000 from the fund at the beginning of the 18th, 19th, 20th, and 21st years, at which time the fund has a zero balance. Find X.
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
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