Question: PLEASE WRITE YOUR NAME ON ALL PAGES STUDENT NAME & ID: 8. Jack and Jill are planning to set up a college education plan saving

PLEASE WRITE YOUR NAME ON ALL PAGES STUDENT NAME & ID:

PLEASE WRITE YOUR NAME ON ALL PAGES STUDENT NAME & ID: 8. Jack and Jill are planning to set up a "college education plan" saving account for their new born son, in order to be able to pay for his college fees in the future. If the plan pays interest at the rate of 11% per year, what principal amount should they set aside now to allow for 4 annual withdrawals of $4500 each on their son's 18th, 19th, 20th, and 21st birthdays? (4 points)

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