James would like to invest some money every year-end for 17years in a money market account earning 5% per year, and then beginto withdraw money from the account to finance his son’s educationfor 4 years. James thinks that his son should have $35,000 for thefirst year of college at the start of the 19th year, andwould like to increase that amount by 4% every year to compensatefor inflation. How much will James’ first deposit be if he plans toincrease the annual deposit by $450? Using Excel formula's.(See 7.15)
First Deposit:
