Question: Starting next year you will need 15,000 annually for 4 years to complete your education. One year from today you will withdraw the first 15,000.

Starting next year you will need 15,000 annually for 4 years to complete your education. One year from today you will withdraw the first 15,000. Your uncle deposits an amount today in a bank paying 5% annual interest, which will provide the needed $15,000 payments.

How large must the deposit be? Do not round intermediate calculations.

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