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Sofi wants to make withdrawals of $40,747 at the end of each year for 3 years to pay for college. Her first withdrawal occurring in
Sofi wants to make withdrawals of $40,747 at the end of each year for 3 years to pay for college. Her first withdrawal occurring in 13 years. She plans to finance these withdrawals with 3 savings payments of $26,227 in 2 year from today, $X5 years from today and $14,01910 years from today. How much must she deposit 5 years from today (X) to meet her goal if she can borrow and lend at 9.87% interest per year compounded annually. Hint: this is a 2 part problem, the present value of the annuity, what she plans to spend will define how much she needs to save. From there you can backout X. Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "\$" "," or any other formatting. Carry interim computations to at least 4 decimals. Enter numerical answers as a positive or negative number rounded to 2 decimal places (\#\#\#.##)
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