Contemporary Engineering Economics 6th Edition by Chan Park

Exercise 42

A married couple are trying to finance their three-year-old son's college education. Money can be deposited at 6% compounded quarterly. What end-of-quarter deposit must be made from the son's 3rd birthday to his 18th birthday to provide $60,000 on each birthday from the 18th to the 21st (Note that the first deposit comes three months after his 3rd birthday and the last deposit is made on the date of the first withdrawal.)