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What annual tuition does this plan imply

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Question - Indiana University has just revealed an innovative college education-financing plan for new parents at the baby's birth (2 years old in this example). The plan allows parents to make a lump-sum contribution of $10,000 now to cover 4 years of level tuition payments, and the first payment will be made at the end of the year when your kid is 18 years old. If the plan assumes an annual interest rate of 12%, what annual tuition does this plan imply? Assume the tuition remains the same over the 4-year period.

Reference no: EM133024309

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