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HW 3C Question 3 This set of problems is designed to be calculated using the Excel or financial calculator . You can also use algebraic

HW 3C

Question 3

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

You need to accumulate $110,487 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 18 years. The savings account pays 13.38 percent per year, compounded annually.How much will each annual payment be?

Round the answers to two decimal places.

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