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How large are the annual deposits

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Question - For Christmas 2019, John's parents gave him an investment account which will cover his university costs starting January 1st 2025. The cost for a 4- year program is $45,000 per year. His parents made their first annual deposit on January 1st 2020 and their last annual deposit will be on January 1st 2024. The account pays 10% annually. The first tuition payment is payable on January 1st 2025. The second is payable on January 1st 2026 and so on. How large are the annual deposits that his parents make to this account?

Reference no: EM133022965

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