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Mary wants to pay for beth's education(her granddaughter). she has decided to pay for half of the tuition costs, which are now $11,000 per year at state university. tuition is expected to increase at a rate of 7% per year into the foreseeable future and beth just had her 12th birthday. beth plans to start college on her 18th birthday and finish in four years. mary will make a deposit today and continue making deposits each year until beth starts college, and will earn 4% compounded annually on this account. how much must mary's deposit be each year in order to pay half of beth's tuition at the beginning of each school each year?
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Mary wants to pay for beth's education(her granddaughter). she has decided to pay for half o...
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