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Kim is a first - year student in college. On December 3 1 , 2 0 0 5 , Kim's parents opened a savings account

Kim is a first-year student in college. On
December 31,2005, Kim's parents opened a
savings account for her with an 8% interest
rate and put an equal amount of money in it
every year until (and including) December
31,2023(first deposit is 12/31/2005 and
last deposit is 1231?2023). Kim's parents
do not make any more contributions.
Kim deposits $6,500 per year into the same
account while in college (December 31,2024
until and including December 31,2028).
Immediately after making that last deposit of
$6,500 on December 31,2028, Kim has a
bank balance is $150,000.
Draw a cash flow diagram from the
bank's point of view assuming Kim
withdraws the entire $150,000
balance on December 31,2028
(immediately after making the last
$6,500 deposit).
What was the magnitude of the equal,
annual deposits made by Kim's
parents?
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