Branch A-A person has had a child, and on his second birthday the father deposits a sum of money in a bank account in the name of the child, provided that He deposits in it every birthday for his son a fixed amount of money, and he continued in this state for a number of years, but only in one Years could not deposit. When his son reached a certain age, the deposit process stopped. When the son reached the age of (18 years) he wanted To study in one of the private colleges, where the tuition fee is paid for each academic year at the beginning of that year The amount deposited by the father is sufficient for all the tuition fees required for his son's study And the rest of the data as in the table below, find the amount of the first financial payment deposited by the father? 15 The age of the son when the deposit process stopped (year) 7The son's age in the year in which he was unable to deposit 12 interest rate 4 Number of years of study (year) 3 The amount of the tuition fee for each academic year (million dinars)
Branch A-A person has had a child, and on his second birthday the father deposits a sum of money in a bank account in the name of the child, provided that He deposits in it every birthday for his son a fixed amount of money, and he continued in this state for a number of years, but only in one Years could not deposit. When his son reached a certain age, the deposit process stopped. When the son reached the age of (18 years) he wanted To study in one of the private colleges, where the tuition fee is paid for each academic year at the beginning of that year The amount deposited by the father is sufficient for all the tuition fees required for his son's study And the rest of the data as in the table below, find the amount of the first financial payment deposited by the father? 15 The age of the son when the deposit process stopped (year) 7The son's age in the year in which he was unable to deposit 12 interest rate 4 Number of years of study (year) 3 The amount of the tuition fee for each academic year (million dinars)
Chapter3: Income Sources
Section: Chapter Questions
Problem 40P: Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for...
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Transcribed Image Text:Branch A- A person has had a child, and on his second birthday the father deposits a sum of money in a bank account
in the name of the child, provided that
He deposits in it every birthday for his son a fixed amount of money, and he continued in this state for a number of
years, but only in one
Years could not deposit. When his son reached a certain age, the deposit process stopped. When the son reached
the age of (18 years) he wanted
To study in one of the private colleges, where the tuition fee is paid for each academic year at the beginning of that
year
The amount deposited by the father is sufficient for all the tuition fees required for his son's study
And the rest of the data as in the table below, find the amount of the first financial payment deposited by the
father?
15 The age of the son when the deposit process stopped (year)
7 The son's age in the year in which he was unable to deposit
12
%
interest rate
4
Number of years of study (year)
3
The amount of the tuition fee for each academic year (million dinars)
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