Question

2.13 .8 A father wants to set aside his money for his 5 year old son for future
education. Money can be deposited in a bank account that pays 8% per year compounded
annually. What deposits should be made by the father till his son's 17th birthday in order
to provide his son Rs. 5000 on his 18", 19", 20th & 21th birthday?​

Answer 1

Please follow me and mark me as brain list please follow me and mark me as brain list dear

$..............$

Answer 2

Answer:

872.66

Explanation:

the worth money on the 6th yr. when the father gives 5,000 per year starting from 18th year to 21st year is

P(6)=5,000 Σ (1.08^x) = 7,102.572

the summation Σ (Having an upper limit of (6-18) and a lower limit of (6-21))

this amount should also be the value of money on the 6th year if he is to deposit an A amount from the 6th year to the 17th year.

7,102.572=A Σ(1.08^x)

the summation Σ (Having an upper limit of (6-6) and a lower limit of (6-17))