What quarterly deposit must be made

Reference no: EM131964281

Question: "A couple is planning to finance its three-year-old son´s university education. Money can be deposited at 5% compounded quarterly. What quarterly deposit must be made from the son´s 3rd birthday to his 18th birthday to provide $70,000 on each birthday from the 18th to the 21st? (Note that the last deposit is made on the date of the first withdrawal)."

Reference no: EM131964281

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