Your child is currently six years old. When he turns 19 you want him to be able to withdraw $14700 per year in order to either travel or go to school for four years. If you are able to earn 6.62% compounded semi-annually for the entire time period, what is the single amount of the deposit three years from now that will ensure that your child is able to do this?

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The Answer of Your child is currently six years old. When he turns 19 you want him to be able to withdraw $14700 per year in order to either travel or go to school for four years. If you are able to earn 6.62% compounded semi-annually for the entire time period, what is the single amount of the deposit three years from now that will ensure that your child is able to do this?

Your Child Is Currently Six Years Old