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Your family wishes to provide for the college education of one of the children, by making equal annual deposits into a savings account. The child
Your family wishes to provide for the college education of one of the children, by making equal annual deposits into a savings account. The child (college student) will make equal annual withdrawals. Data are as follows: 1 Time of first savings deposit Time of last savings deposit Time of first withdrawal Time of last withdrawal Amount of annual withdrawal Annual interest rate 17 19 21 26,000 7% Determine the amount of the equal annual deposit to enable this scheme, such that the last withdrawal leaves a zero account balance
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