How much should the couple begin depositing annually

Reference no: EM13297713

Jack and Jill have just had their first child. If college is expected to cost $150,000 (not at FHSU!) per year in 18 years, how much should the couple begin depositing annually at the end of each year to accumulate enough funds to pay the first year's tuition at the beginning of the 19th year? Assume that they can earn a 6% annual rate of return on their investment.

Reference no: EM13297713

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