A couple is planning to finance its threeyearold sons college education. The couple can deposit money at
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A couple is planning to finance its three‐year‐old son’s college education. The couple can deposit money at 6% compounded quarterly. What quarterly deposit must be made from the son’s 3rd birthday to his 18th birthday in order to provide $50,000 on each birthday from the 18th to the 21st? (Note that the last deposit is made on the date of the first withdrawal.)
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Given r 6 per year compounded quarterly N 60 quarterly deposits date ...View the full answer
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