Calculate the amount that the uncle should deposit

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Reference no: EM13289446

Your cousin will enter college one year from now. Tuition will be $20,000 annually for 5 years. Your uncle is willing to deposit enough money today, in an account paying 4.9% annual interest, to provide the needed $20,000 tuition payments.

Calculate the amount that the uncle should deposit.

Follow the conventions used in this course for accuracy of intermediate values. Round-off your answer to two decimal places, like this: 12,345.67.

Reference no: EM13289446

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