If your daughter is 5 and she plans to go to college or university in Canada when she is 18 years old. You estimate that the four years of college education will cost $15,000 per year. What will you need to deposit into an education fund each year from age 5 until the age of 18 if the interest rate is 6%. As a part of your answer show the interest rate for your calculation.

Q: need

A: AS the deposits are made at the end of the year. This is an ordinary annuity problem. Formula to…

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A: Current annual cost= $18000 College savings= $7000 Interest= 9%

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A:

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A:

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A:

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Q: on. How much should be deposited?

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A: Using excel PMT function

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