What is the size of the annual investment

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Question: Tony's son, Mark will start college in 5 years. Tuition costs $23,000 today, increasing at an annual rate of 3.3%. Tony wants to earn 9.0% annually on his investments. If he makes an initial investment one year from now, and annual additions at the end of each year until Mark starts college, what is the size of the annual (level) investments he must make to fund 4 years of Mark's college education?

Reference no: EM133322637

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