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On her 10th birthday, Linda Jones's parents decide to deposit $4,000 in a savings account for their daughter. They intend to put $4,000 in an
On her 10th birthday, Linda Jones's parents decide to deposit $4,000 in a savings account for their daughter. They intend to put $4,000 in an account each year on her10th, 11th, 12th, .., 17th birthdays. 55- . All account balances will earn 8% per year. On Linda's 18th, 19th, 20th, and 21st birthdays, her parents will withdraw $20,000 to pay for Linda's college education. Is the $4,000 per year sufficient to cover the anticipated college expenses. If not, how much they need to deposit to cover all education expenses
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