The parents of a young child decide to make annual deposits into a college savings account. The

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The parents of a young child decide to make annual deposits into a college savings account. The first deposit will be made on her 5th birthday and the last deposit will be made on her 15th birthday. Withdrawals for college expenses will be made, starting from $2,010, on her 18th birthday, and increasing every year by $389, until her 21st birthday. If the effective annual interest rate is 10%, during this entire period of time, what is the amount of the equal, annual deposits made on birthdays 5 through 15?

Posted Date: Jun 12, 2024 09:02 PM

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The parents of a young child decide to make annual deposits into a college savings account. The

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