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How much money do you need

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Question - Your daughter is currently 8 years old. You anticipate that she will be going to college in ten years. You would like to have $100,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3% per year, how much money do you need to put into the account today to ensure that you will have $100,000 in ten years?

Reference no: EM132886677

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