At your daughter's 6th birthday party she tells you that she wants to go to Princeton. It will cost you $30,000 per year for her to attend this four year program. You start putting money into an account that pays 14% annually. You will begin to make deposits on her next birthday and continue this practice until her 17th birthday. She starts college on her 18th birthday*. The second is payable on her 19th birthday and so on. 

How large are the annual deposits you make to this account?

Answer rating: 100% (QA)

We can use the formula for the future value of an annuity to determine the ... View the full answer