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Craig and LaDonna Allen are trying to establish a college fund for their son Spencer, who just turned three today. They plan for Spencer to withdraw $10000 on his eighteenth birthday and $11000, $12000, and $15000 on his subsequent birthdays. They plan to fund these withdrawls with a ten year annuity, with the first payment to occur one year from today, and expect to earn an average annual return pf 8 percent.
a. how much will the Allens have to contribute each year to achieve their goal?
b. Create a schedule showing the cash inflows (including interest) and outflows of this fund. How much remains on Spencer's twenty-first birthday?
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