A father wants to set up a bank account that will pay his, Engineering Mathematics

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A father wants to set up a bank account that will pay his

Question: A father wants to set up a bank account that will pay his daughter $18,000 at the end-of-quarter (EOQ) 4 and $32,000 at EOQ 8. He will fund this account by making quarterly payments of $X from the present (time zero) through EOQ 7.

a. Draw a cash-flow diagram from the father's viewpoint.

b. If the quarterly percentage rate is 2%, what is the value $X that must be deposited into the account?

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