Finance their five-year-old son college education

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Reference no: EM131450053

A married couple are trying to finance their five-year-old son's college education. Money can be deposited at 6% compounded quarterly. What end-of-quarter deposit must be made from the son's 5th birthday to his 18th birthday to provide $43,000 on each birthday from the 18th to the 21st? (Note that the first deposit comes three months after his 5th birthday and the last deposit is made on the date of the first withdrawal.) The amount of the quarterly deposits should be $

Reference no: EM131450053

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