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Joseph is planning to provide for his son's future university tuition. He expects to need $40,000 in 8 years, $42,000 in 9 years, $45,000 in 10 years, and $50,000 in 11 years. He plans to provide for this by investing equal annual end-of-year payments for the next 11 years. If he can earn 6% interest annually, what is the required amount of each payment?

Reference no: EM132199216

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