What is the sinking fund factor (uniform series)? (Use graphs and equations)
You want to set up a college saving plan for your sister. She is currently 10 years and will go to college at age 18. You assume that when she starts college, she will need at least $100,000 in the bank. How much do you need to save each year in order to have the necessary funds if the current rate of interest is 7%? Assume that end-of-year payments are made.