Debra and Gary want to begin saving for their baby's college education. They estimate that they will need $180000 in eighteen years. If they are able to earn 7% per annum, how much must be deposited at the beginning of each of the next eighteen years to fund the education?

Annual deposit= $5,249.27

Explanation:

Giving the following information:

Future value (FV)= $180,000

Number of years= 18 years

Interest rate= 7%

To calculate the annual deposit, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (180,000*0.07) / [(1.07^18) - 1]

A= $5,249.27

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"