How much money will you have just after you make your last deposit forty years

You plan to save $8,000 each of the next 40 years, and invest that money in an account that pays 8% annual interest. In addition, you plan to pay for your child’s college education beginning in fifteen years. You expect that education to cost $20,000 per year for four years. To pay for the education, you will simply withdrawal money from your investment account. In addition, a long-lost relative recently died, leaving you $50,000. A timeline depicting this situation follows.Date01-1415-1819-40Deposits$50,000$8,000$8,000$8,000Withdrawals$20,000How much money will you have just after you make your last deposit forty years from today?

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