What uniform annual investment

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Reference no: EM132047038

You want to provide spending money for your 4 year old during their college years. You can afford to deposit $600/year for the next 4 years. You would like to give your child $4,000 per year for in their 18th, 19th, 20th, and 21st birthdays for a total of $16,000. Assuming 5% interest, what uniform annual investment will you have to make on the child's 8th through 17th birthdays to meet this goal? (Assume that at the end of the 17th year, you pull all of the money out of your account in preparation for the gifts).

Reference no: EM132047038

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