Mr X's daughter just turned eight. He plans to save for her college education by making equal annual deposits in an investment account earning 7.5% compounded semi annually. After his daughter turns 18; for the next 4 years Mr X expects to finance her 3 years college education by spending Rs 100000 per year. Mr X wants to know that starting from today how much money he would need to save every year until his daugher turns 18. The rate of interest for investment produts is 8%

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To calculate how much money Mr X would need to save every year until his daughter turns 18 we can fo... View the full answer