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The day your child is born you decide that on each birthday

Paper help Economics The day your child is born you decide that on each birthday

Economics

The day your child is born you decide that on each birthday

The day your child is born you decide that on each birthday (beginning at the first birthday) you’re… Show more The day your child is born you decide that on each birthday (beginning at the first birthday) you’re going to put money away for the child’s college tuition. The money will be put in a special education account that pays 5% annually. Tuition today is $25,000 per year. Education experts estimate that over the next 25 years higher education costs will increase at an average annual rate of 2% per year. How much money must you deposit in the education account every year so that at the end of the 18th year there will be sufficient funds on deposit to pay for four years of college without making any further deposits? • Show less

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