A boy is celebrating his 16th birthday and we lead 3000 on 17th 18th 19th and 20th birthday for his college education his father needs to lay aside a certain amount now each year thereafter until the boy 20 years old however the contribution will form an automatic progression for all years increasing by 20% after the first year if money is worth 4% per year what is the father's first first contribution dance

A boy is celebrating his 16th birthday and we lead 3000 on 17th 18th 19th and 20th birthday for his college education his father needs to lay aside a certain amount now each year thereafter until the boy 20 years old however the contribution will form an automatic progression for all years increasing by 20% after the first year if money is worth 4% per year what is the father's first first contribution dance

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 2DTM

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