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College education for two children

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You are saving for college education for your two children. One child will start college 15 years from today and the other will start 18 years from today. You estimate their college expenses to be $50,000 per year per child, payable at the beginning of each school year. You currently have $50,000 saved. How much money do you need to save each year to fund your children's education? Your deposits will start one year from today and you will make the last deposit when the younger child enters college. The interest rate is 8%.

Reference no: EM131908337

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