Aunt Darla Has Agreed to Deposit a Lump Sum into an Account

question 42

Essay

Aunt Darla has agreed to deposit a lump sum into an account that pays 12% interest compounded annually in order to pay for her niece's college education. The niece estimated that she will need to withdraw $40,000 at the beginning of each year for four years to pay for room, board, tuition, and books. Aunt Darla will deposit the lump sum on August 1, 2014, and the niece will make the first withdrawal on August 1, 2020.
Required:
Determine the amount that Aunt Darla must deposit. Clearly label all work.

---

Definitions:

Alternative Femininities

Diverse expressions and identities of femininity that challenge traditional gender norms and stereotypes.

Normalization

The process through which ideas, behaviors, and conditions are made to appear normal, natural, or consistent with societal norms.

Surveillance

The monitoring of behavior, activities, or information for the purpose of influencing, managing, directing, or protecting people.

Hegemony

Hegemony describes the dominance of one social group over others, achieved through cultural, economic, or political means, often seen as natural or normal by the wider society.