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    hellogoodbye's Avatar
    hellogoodbye Posts: 2, Reputation: 1
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    #1

    Oct 25, 2007, 12:05 AM
    How old is sister?
    Your parents start saving for your sisters college education. She will begin college when she turns 18 and will need 4000 at that time an at the end of each of the following 3 years. They will make a deposite at the end ot this year in a account which pays 6 percent compounded annually, ans an identical deposit at the end of each year with the last deposit occurring when she turns 18. If an annual deposite of 1,484 will allow then to reach their goal, how old is your sister now??
    hellogoodbye's Avatar
    hellogoodbye Posts: 2, Reputation: 1
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    #2

    Oct 25, 2007, 12:13 AM
    okay so I have been working on this prob forever

    payment of 1484, compounded at 6% annually, for (n) years, has a future value of 16000..
    I'm not sure if I need to set my financial calculator to bgn or end mode... :(
    I keep on getting n to be around 8.18.. years... so.. 18-8 would be 10... but I'm not sure.. I need an exactly right answer.
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