If a father wants to have $100,000 to send a newborn child to college, how much must he invest annually for 18 years if he earns 9 percent on his funds?

Answer 1

P(1.09)^18=100 000

P=100 000/4.72

Answer 2

paym(1.09^18 - 1).09 = 100 000
paym( 41.301338)
annual investment = 100 000/41.301338) = 2412.23