Solutions sent me all part and typing work only 3) An engineer puts S aside for his newborns college education. She will need 20,000 onher 18, 19, 20 and 21" birthdays. He can make uniform payments now through year17. (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%YearIncomeExpense01-782500160011000150012007200

Firstly calculate the PV of amount from 18th birthday to 21st birthday. PV= 20,000(P/F,i,n) PV=…

Answered: 3) An engineer puts $ aside for his…

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 $ 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.