15. Stan and Kendra's children are currently four and two years old. When their older child turns 18, they want to have
Posted: Sun Jul 03, 2022 12:57 pm
15. Stan and Kendra's children are currently four and two yearsold. When their older child turns 18, they want to have saved upenough money so that at the beginning of each year they canwithdraw $20,000 for the first two years, $40,000 for the next twoyears, and $20,000 for a final two years to subsidize theirchildren's cost of postsecondary education. The annuity earns 4.75%compounded semi-annually when paying out and 6.5% compoundedmonthly when they are contributing toward it. Starting today, whatbeginning-of-quarter payments must they deposit until their oldestreaches 18 years of age in order to accumulate the neededfunds?
Solution =?
Solution =?