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Assume the relevant interest rate

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Jennifer is your oldest child. Tomorrow is her 4th birthday. You plan to set up a savings plan for Jennifer's university education. You will deposit $3,000, tomorrow and every year up to and including her 17th birthday. How much will be available to Jennifer on her 18th birthday? Assume the relevant interest rate is 7.1% per year. Enter your answer to the nearest cent.

Reference no: EM131768919

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