Annuities: Today, you have become a new mother and you have invested 3,000 in a trust fund. You think it would be a great idea to use this as the…

Annuities: Today, you have become a new mother and you have invested £3,000 in a trust fund. You

think it would be a great idea to use this as the basis for saving for your child’s future. You

believe in private schooling and so you want to put aside a certain amount each year to pay for

your child’s primary schooling (ages 5-11), secondary schooling (ages 12-17) and university

tuition (ages 18-22). Private primary schooling costs £8,000 per year and private secondary

schooling costs £9,000 per year. If your child gets into university, the fees and maintenance will

be in the region of £15,000 per year. Your child will start school 5 years from now and you plan

to deposit money every year in the trust fund starting one year from now. The annual percentage

rate you have been quoted by the government is 4.5 per cent. How much money must you deposit

in an account each year to fund your child’s education? You will make your last deposit when

your child enters university.

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