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A couple is planning to finance its three-year-old sons university education. Money can be deposited at 6% compounded quarte
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Answer #1
Amount needed FV at 18th birthday
18th birthday $                   5,000 $                                         5,000
19th birthday $                   5,000 $                                   4,710.92
20th birthday $                   5,000 $                                   4,438.56
21st birthday $                   5,000 $                                   4,181.94
$                                 18,331.41
n= 15*4
n= 60
rate=1.5%
FV= $           18,331.41
n= 15*4
n= 60
rate=1.5%
FV= $           18,331.41
PMT(1.5%,60,,-18,331.41,0) ₹ 190.53

Type "=PMT(1.5%,60,,-18,331.41,0)" in excel

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