QUESTION THREE Sharpy and Jane are saving for the college education of their newborn son, Kasuba. The couple estimate that college expenses will run K30,000 per year when their son reaches college in...

 QUESTION THREE
Sharpy and Jane are saving for the college education of their newborn son, Kasuba. The
couple estimate that college expenses will run K30,000 per year when their son reaches
college in 18 years. The annual interest rate over the next few decades will be 14 percent.
How much money must they deposit in the bank each year so that their son will be
completely supported through four years of college? To simplify the calculations, assume
that Kasuba is born today. His parents will make the first of his four annual tuition
payments on his 18th birthday. They will make equal bank deposits on each of his first 17
birthdays, but no deposit at date 0