Business, 15.08.2020 02:01 arodriguez395

You anticipate having to pay $30,000 per year for your child’s college education starting 10 years from now. You plan to finance four years of college by making quarterly deposits in a savings account starting now. The final deposit is made three months prior to the first college payment, for a total of 40 deposits. Each annual college payment is made in full at the beginning of the school year. If the savings account earns 8% per annum convertible quarterly, what should your quarterly deposit be?

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