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3) An engineer puts $ aside for his newborns college education. She will need 20,000 on her 18, 19, 20 and 21" birthdays. He can make uniform payments now through year 17. (18 payments in all) At 8% interest how much does he need to set aside annually.

3) An engineer puts $ aside for his newborns college education. She will need 20,000 on her 18, 19, 20 and 21" birthdays. He can make uniform payments now through year 17. (18 payments in all) At 8% interest how much does he need to set aside annually.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3) An engineer puts S aside for his newborns college education. She will need 20,000 on her 18, 19, 20 and 21" birthdays. He can make uniform payments now through year 17. (18 payments in all) At 8% interest how much does he need to set aside annually. 4) What is the future worth (in year 10), of the following: with an interest rate of 10% Year Income Expense 0 1-7 8 2500 1600 11000 1500 1200 7200
Transcribed Image Text:3) An engineer puts S aside for his newborns college education. She will need 20,000 on her 18, 19, 20 and 21" birthdays. He can make uniform payments now through year 17. (18 payments in all) At 8% interest how much does he need to set aside annually. 4) What is the future worth (in year 10), of the following: with an interest rate of 10% Year Income Expense 0 1-7 8 2500 1600 11000 1500 1200 7200
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