Instruction using the future value of annuity formula

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Please show me step-by-step instruction using the Future Value of Annuity formula to solve the following: My grandchild will be attending Rutgers University Medical School in New Jersey; four-year college, in year 2036. The college tuition and fees for 2015 – 2016 is $59,433 per year. According to the College Board’s Trends in College Pricing, 2015, there is a 3.75% rate increase every 5 years. Assuming that I can earn 8% interest each year, what will be the annual deposit needed to have $124,105.14 in 20 years for my grandchild’s tuition?

Reference no: EM131022747

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