9% per year, compounded annually. What equal monthly deposits must that father make-the first 1 month after her 9th birthday and the last on her 17th birthday-in order for her to withdraw $4000 on each of her next 6 birthdays? express your answer in whole number

9% per year, compounded annually. What equal monthly deposits must that father make-the first 1 month after her 9th birthday and the last on her 17th birthday-in order for her to withdraw $4000 on each of her next 6 birthdays? express your answer in whole number

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 26P

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a father wans to set aside for his 8-year-old daughter's future education, by making monthly deposits to a bank account that pays 9% per year, compounded annually. What equal monthly deposits must that father make-the first 1 month after her 9th birthday and the last on her 17th birthday-in order for her to withdraw $4000 on each of her next 6 birthdays? express your answer in whole number

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