Question 1163831
he's 10 years old now.
he will be 18 in 8 years.
the following financial calculator will help you determine your solution.
<a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>
your inputs will be:
present value = 0
future value = 12,000
interest rate per quarter = 6% per year / 4 = 1.5% per quarter.
number of quarters = 8 8 4 = 32
payments are made at the end of each quarter.
result of analysis using this calculator is that the quarterly payment needs to be 294.93.
it is shown as negative becauswe it's money you need to invest at the end of each quarter.
the future value is shown as positive because it's money you receive at the end of the investment period.
here's what the analysis looks like.


<img src = "http://theo.x10hosting.com/2020/082601.jpg" >