For Christmas 2019, John’s parents gave him an investment account which will cover his university costs starting January
Posted: Wed Jul 06, 2022 6:44 pm
For Christmas 2019, John’s parents gave him an investmentaccount which will cover his university costs starting January 1st2025. The cost for a 4- year program is $45,000 per year. Hisparents made their first annual deposit on January 1st 2020 andtheir last annual deposit will be on January 1st 2024. The accountpays 10% annually. The first tuition payment is payable on January1st 2025. The second is payable on January 1st 2026 and so on. Howlarge are the annual deposits that his parents make to thisaccount?