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Question
Your parents start saving for your sister's college education. She will begin college when she turns age 18 and will need $4,000 at that time and at the end of each of the following 3 years. They will make a deposit at the end of this year in an account which pays 6 percent compounded annually, and an identical deposit at the end of each year with the last deposit occurring when she turns age 18. If an annual deposit of $1,484 will allow them to reach their goal, how old is your sister now?
a. 13
b. 8
c. 14
d. 12
e. 10
Answer
This answer is hidden. It contains 661 characters.
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