Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mr Santos apply for college educational plan for his 3 children .The 3 children ages are 6 yrs old , 3 yrs old and 1
Mr Santos apply for college educational plan for his 3 children .The 3 children ages are 6 yrs old , 3 yrs old and 1 yr old. The fund will be set-up the deposit of a fixed sum on the child's current age through 18th birthday's. The fund earn 5% annual interest. What will be the required annual deposit for each child if the fund pays ,Child (6 yrs old) 140,000 pesos; Child (3 yrs old ) 150,000 pesos; and Child ( 1 yr old ) 160,000 pesos, on the 19th, 20th, 21th, and 22th birthday's.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Ordinary annuity FVPMT1rn1rFV PMT 1 rn 1r ightFVPMTr1rn1 Child 1 6 years old annual deposit from age...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started