Nana and Abena Sarfo are saving for the university education of their newborn daughter, Akosua. The Sarfos estimate the university expenses will run GH₵ 30000 per year when their daughter reaches university in 18years. The annual interest rate over the next few decades will be 14%. 

How much should they deposit in the bank each year so that their daughter will be completely supported four years of university? Assume she enters the university on her 18th birthday.

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Total cost of university education GH 30000 x 4 years GH 120000 Let P amount to be deposited ever... View the full answer