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You are setting up a college savings plan for your six-year-old son. Your goal i...
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You are setting up a college savings plan for your six-year-old son. Your goal is to have $120,000 saved by the time he begins college, which you expect will be in 12 years. The savings account you intend to use offers a fixed annual interest rate of 3.10%. To meet your goal, how much money should you invest today so that the account balance will reach $120,000 when he starts college? The answer is closest to:
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