Zheng and Devin plan to send their daughter to university. To pay for this they...
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Zheng and Devin plan to send their daughter to university. To pay for this they will contribute 11 equal yearly payments to an account bearing interest at the APR of 9.4%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $31,200 to pay the university's bills. How large must their yearly contributions be?
Leslie is making quarterly contributions of of $400 to her savings account which pays interest at the APR of 8.4%, compounded quarterly. Right after Leslie makes her 47th contribution, the bank changes the APR to 8.8% and Leslie makes 35 more $400 contributions. What is Leslie's balance right after her last contribution?
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