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How much must jan save at the end of each year

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Question - Jan wants to plan for her daughter's education. Her daughter, Rachel was born today and will go to college at age 18 for four years. Tuition is currently $37,000 per year, in today's dollars. Jan anticipates tuition inflation of 5% and believes she can earn a 9.5% return on her investment. How much must Jan save at the end of each year if she wants to make her last payment at the beginning of her daughter's first year of college?

Reference no: EM132937524

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