Answered step by step

Verified Expert Solution

## Question

1 Approved Answer

# Mr Santos apply for college educational plan for his 3 children .The 3 children ages are 6 yrs old , 3 yrs old and 1

Mr Santos apply for college educational plan for his 3 children .The 3 children ages are 6 yrs old , 3 yrs old and 1 yr old. The fund will be set-up the deposit of a fixed sum on the child's current age through 18^{th} birthday's. The fund earn 5% annual interest. What will be the required annual deposit for each child if the fund pays ,Child (6 yrs old) 140,000 pesos; Child (3 yrs old ) 150,000 pesos; and Child ( 1 yr old ) 160,000 pesos, on the 19^{th}, 20^{th}, 21th, and 22th birthday's.

## Step by Step Solution

There are 3 Steps involved in it

### Step: 1

Ordinary annuity FVPMT1rn1rFV PMT 1 rn 1r ightFVPMTr1rn1 Child 1 6 years old annual deposit from age...### Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

### Step: 2

### Step: 3

## Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started