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| rev | Admin | (Created page with "'''Solution: D''' The effective annual rate of interest is (1.005)<sup>12</sup>-1 = 0.06168. The present value of the tuition payments six months before the first payment is <math display = "block"> 25,000^{-6}\,\ddot{a}_{\overline{4}|0.06168}=24,262.95(3.66473)=88,917.16 </math> The accumulated value of the deposits at that time is <math>1000s_{\overline{n}|0.05}</math>. Equating the two amounts: <math display = "block"> \begin{aligned} 88,917.16 = 1000 \frac{1.005...") | Nov 19'23 at 0:30 | +647 |