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You anticipate havingto pay $30,000 per year for your child’s college education starting10 years from now. You plan to finance four years of college bymaking quarterly deposits in a savings account starting now. Thefinal deposit is made three months prior to the first collegepayment, for a total of 40 deposits. Each annual college payment ismade in full at the beginning of the school year.If the savings accountearns 8% per annum convertible quarterly, what should yourquarterly deposit be?Less than $1,700At least $1,700, butless than $1,710At least $1,710, butless than $1,720At least $1,720, butless than $1,730$1,730 or more
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