How far can you get?
A father wants to set aside money for his 8-year old daughter's future education, by making monthly deposits to a bank account that pay's 8 % per year, compunded annually. What equal monthly deposits must the father make- the first 1 month after her 9th birthday and the last on her 17th birthday-in order for her to withdraw $4000 on each of her next four birthdays (the 18th through the 21st)?
I was provided with the answer. $103.80
But, I would like to know the steps through the problem that get me to that solution?