Question
Today is your birthday, and you decide to start saving for your college education. You will begin college on your 18th birthday and you will
Today is your birthday, and you decide to start saving for your college education. You will begin college on your 18th birthday and you will need $4,000 per year at the end of the following 4 years. Other words, first payment on your 19th birthday. You will make a deposit 1 year from today in an account paying 12 percent annually and continue to make an identical deposit each year up to and including the year you begin college. (I.e your last payment is on your 18th birthday). If a deposit amount of $2,542.05 will allow you to reach your goal, what birthday are you celebrating today?
please show work so i can learn how to do it!
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