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Your daughter is currently six years old. You anticipate that she will be going ...
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Your daughter is currently six years old. You anticipate that she will be going to college in 12 years. You would like to accumulate $111,000 in a savings account to fund her education at that time. The account promises to pay a fixed interest rate of 3% per year. If you plan to make equal yearly deposits, with the first deposit one year from today, what is the annual payment required to reach your goal of $111,000 in 12 years? The answer is closest to:
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