A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t") year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest rate is 4% compounded annually.

A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t") year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest rate is 4% compounded annually.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t")
year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest
rate is 4% compounded annually.

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