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John and Mary Allen are trying to establish a fund

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June 7th, 2024

John and Mary Allen are trying to establish a fund for their daughter Jenny, who just turned 3 today. They plan for Jenny to withdraw $10,000 on her 18th birthday amd $11,000, $12,000, and $15,000 on her subsequent birthdays. They plan to fund these withdrawals with a 10 year annuity, with the first payment to occur one year from today, and expect to earn in average annual return of 8%.How much will the Allens have to contribute each year to achieve their goal?

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