1. Aunt May wants to set aside money for Peter Parker's future college education. Money can be deposited in bank account that pays 18% compounded annually. What equal deposits should be made by Aunt May on his nephew's 6th through 17th birthdays, in order to provide P15,000 on Peter Parker's 18, 19, 20 and 21 college.
1. Aunt May wants to set aside money for Peter Parker's future college education. Money can be deposited in bank account that pays 18% compounded annually. What equal deposits should be made by Aunt May on his nephew's 6th through 17th birthdays, in order to provide P15,000 on Peter Parker's 18, 19, 20 and 21 college.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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Transcribed Image Text:1. Aunt May wants to set aside money for Peter Parker's future college education. Money can
be deposited in bank account that pays 18% compounded annually. What equal deposits
should be made by Aunt May on his nephew's 6th through 17th birthdays, in order to provide
P15,000 on Peter Parker's 18, 19, 20 and 21 college.
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