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Please demonstrate !! 1. Your parents start saving for your sister's college education. She will begin...

Please demonstrate !!

1. Your parents start saving for your sister's college education. She will begin college when she turns age 18 and will need $4,000 at that time and at the end of each of the following 3 years. They will make a deposit at the end of this year in an account that pays 6% compounded annually, and an identical deposit at the end of each year with the last deposit occurring when she turns age 18. If an annual deposit of $1,484 will allow them to reach their goal, how old is your sister now? Which dimension of Time Value of Money do you use to solve this problem? [Think of the critical juncture, which is age 18 of your sister at which two money series are met and equal.

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