A lady is accumulating a fund for the education of her daughter. The value of the fund is $15,400 on September 1, 2003. The lady wishes to deposit an equal amount every 3 months from September 1, 2003 until June 1, 2008, inclusive (20 deposits in all). Beginning on September 1, 2008, she will withdraw $10,000 every year for 4 years. If the fund earns 10% per year compounded annually, determine the amount of each deposit. (The answer is 388.25)
What i have is :
15400(1.025)^20 + X*S double dot angle 20 @ 0.025 = 10000 a double dot angle 4 @ 0.1
and I would try to solve for X but my answer is nowhere close to 388.25
can anyone help me please???