Effie's uncle and aunt wish to gift her exactly $100,000 on her 18th birthday. What amount should they deposit into her account on each birthday (including the 1st and 18th birthday) if the account earn 8.6% p.a compounded annually.
amount = paym( (1+i)^n - 1)/i
here i = .086
n = 18
paym(1.086^18) - 1)/.086 = 100000
solve for paym
let me know what you get.