Question: Mr . S . Johnson is creating a college fund for his daughter. He plans to make 9 - yearly payments of $ 1 2

Mr. S. Johnson is creating a college fund for his daughter. He plans to make 9-yearly payments of $12,000 each with the first payment deposited today on his daughters 6th birthday. Assuming his daughter will need three equal withdrawals from this account to pay for her law-school education beginning when she is twenty-two (i.e.22,23,24), how much will she have on a yearly basis for her law school career? Mr. Johnson expects to earn a constant 10% annual return for the time interval of this problem.

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