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James would like to invest some money every year-end for 17 years in a money market...

James would like to invest some money every year-end for 17 years in a money market account earning 5% per year, and then begin to withdraw money from the account to finance his son’s education for 4 years. James thinks that his son should have $35,000 for the first year of college at the start of the 19th year, and would like to increase that amount by 4% every year to compensate for inflation. How much will James’ first deposit be if he plans to increase the annual deposit by $450? Using Excel formula's. (See 7.15)

First Deposit:

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samet mamat answered 2 years ago
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