Question A four years tuition fees are to be funded by 18 annual deposits into a bank account, the first deposit being made at the present time Interest is credited to the bank account at an effective annual rate of 5%. Tuition is currently $4.000 per year, will increase at an annual rate of 5% and is payable at the beginning of the school year. The tuitic payment will be due 18 years from now. In which of the following ranges is the annual fund deposit? Possible Answers