Question: Transcribed image text A couple is planning to finance its three-year-old son's university education. Money can be deposited at 7% compounded quarterly. What quarterly deposit

A couple is planning to finance its three-year-old son's university education. Money

Transcribed image text

A couple is planning to finance its three-year-old son's university education. Money can be deposited at 7% compounded quarterly. What quarterly deposit must be made from the son's 3rd birthday to his 1 8th birthday to provide S3000 on each birthday from the 18th to the 21 st? (Note that the first deposit is made three months after the 3rd birthday and the last deposit is made on the date of the first withdrawal.) Answer: 310.86

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