Return and the interest is compounded daily

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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)

Reference no: EM13848243

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