Question: You plan to start saving for your son s university education. He will begin university when he turns 1 8 and will need $ 4

You plan to start saving for your son

s university education. He will begin university when he turns

18

and will need $

4, 000

then and in each of the following three years. You will make a deposit at the end of this year in an account, and an identical deposit at the end of each year, with the last deposit occurring when he turns

18 .

If an annual deposit of $

1, 484

will allow you to reach your goal, how old is your son now? Assume annually compounded

6 %

interest in your calculation.

[

Answer is

10 .

Please use let me know how should i use Texas Instrument BAIIPlus financial calculator to solve this problem

]

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