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Have to use a timeline for this problem. Cousin Clara has had her share of good luck. Right out of school she got a high
Have to use a timeline for this problem. Cousin Clara has had her share of good luck. Right out of school she got a high paying job with a local finance company. As you know, Clara stands well over six feet tall, and her hobby is full-contact mixed martial arts. It is no surprise that she became the firm's best collections agent. In fact, some clients have been known to hand over their wallets and checkbooks just at the sight of your dear, gentle cousin. But now at the height of her career Clara has begun to question the meaning of life, and she has decided to become a nun Before taking her vows, Clara has one more worldly thing that she wants to do. Since she recognizes the value of physical fitness, Clara wants to make sure that her three nieces are able to take karate lessons, so she intends to put some money aside for this purpose. She wants each girl to take three years of training, and it is expected that each year will cost $3,000 for each girl (tuition is paid annually at the beginning of the year). Gertrude will start taking lessons six years from today, and the twins Brunhilde and Buxtehude will start their studies two years later. Clara plans to work for five more years, and she will make annual payments into a special savings account to provide for the tuition for the lessons. This account will pay 8% compounded annually, and in one year Clara will make the first of five equal payments into the account. How much must Clara deposit into the account each year in order to have enough money to pay for her nieces' tuition when it comes due? (You REALLY need to use a time line with this problem. DON'T PANIC! You can do this one.)
Have to use a timeline for this problem.
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