On his twelveth birthday, a boy inherits $12,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on 18th, 19th, 20th, and 21st birthdays. Find Rif 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.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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On his twelveth birthday, a boy inherits $12,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on H
18th, 19th, 20th, and 21st birthdays. Find R if the money earns 8% interest compounded annually.
The money deposited will pay the boy S 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.)
Transcribed Image Text:On his twelveth birthday, a boy inherits $12,000 which is to be used for his college education. The money is deposited into a trust fund that will pay him R dollars on H 18th, 19th, 20th, and 21st birthdays. Find R if the money earns 8% interest compounded annually. The money deposited will pay the boy S 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.)
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