Question
You are saving for your child's education since you did not participate in the Texas Tomorrow Fund. Your child is turned one today. Starting next
You are saving for your child's education since you did not participate in the Texas Tomorrow Fund. Your child is turned one today. Starting next quarter, you will deposit $500 every quarter until you child turns 17. Your last payment will be on his 17th year. You can to withdraw $X very year starting his 18th birthday for 4 years, first payment on his 18th birthday. Assuming you have investing your money in an account is provides 10% return and the interest is compounded daily (365 days). What is $X? (Show using a financial calculator, step by step)
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