On his thirteenth birthday, a boy inherits $13,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on his 18th, 19th, 20th, and 21st birthdays. Find R if the money earns 8% interest compounded annually The money deposited will pay the boy $on his 18th, 19th, 20th and 21st birthdays (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
On his thirteenth birthday, a boy inherits $13,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on his 18th, 19th, 20th, and 21st birthdays. Find R if the money earns 8% interest compounded annually The money deposited will pay the boy $on his 18th, 19th, 20th and 21st birthdays (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:On his thirteenth birthday, a boy inherits $13,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on his 18th, 19th, 20th, and 21st
birthdays. Find R if the money earns 8% interest compounded annually
The money deposited will pay the boy $ on his 16th, 19th, 20th and 21st birthdays
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.).
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