You plan to start saving for your son's university education. He will begin university when he turns 18 and will need $4, 000 then and in each of the following three years. You will make a deposit at the end of this year in an account, and an identical deposit at the end of each year, with the last deposit occurring when he turns 18. If an annual deposit of $1, 484 will allow you to reach your goal, how old is your son now? Assume annually compounded 6% interest in your calculation. [Please use let me know how should i use Texas Instrument BAIIPlus financial calculator to solve this problem] question
You plan to start saving for your son's university education. He will begin university when he turns 18 and will need $4, 000 then and in each of the following three years. You will make a deposit at the end of this year in an account, and an identical deposit at the end of each year, with the last deposit occurring when he turns 18. If an annual deposit of $1, 484 will allow you to reach your goal, how old is your son now? Assume annually compounded 6% interest in your calculation. [Please use let me know how should i use Texas Instrument BAIIPlus financial calculator to solve this problem] question
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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You plan to start saving for your son's university education. He will begin university when he turns 18 and will need $4, 000 then and in each of the following three years. You will make a deposit at the end of this year in an account, and an identical deposit at the end of each year, with the last deposit occurring when he turns 18. If an annual deposit of $1, 484 will allow you to reach your goal, how old is your son now? Assume annually
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