Question: After 21 years you will need 5,000,000$ per year for four years for the university fees of your child. How much money should you save
After 21 years you will need 5,000,000$ per year for four years for the university fees of your child. How much money should you save annually starting 6 years from today so as to meet the above expenses? Assume that the deposits and payments will be made at the end of the year (i=15%). Payments should be made at the end of the years 21,22,23 and 24. The deposits will be made at the end of the years 6-20
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