dhooks
09-22-2007, 02:27 PM
a man wants to help provide a college education for his young daughter. he can afford to invest $600/yr for the next 4 years, beginning on the girls fourth birthday. he wishes to give his daughter $4000 on her 18th, 19th, 20th, and 21st birthdas for a total of $16000. assuming 5% interest, what uniform annual investment will he have to make on the girls 8th-17th birthdays.
answer is $792.73
someone please show me how they got that answer.. i have no clue how they manipulated this formula
answer is $792.73
someone please show me how they got that answer.. i have no clue how they manipulated this formula