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Joe and Sarah Fabozzi are saving for the college education of their 1-year-old daughter, Beth. The Fabozzi's estimate that college expenses will run $50,000 per year when their daughter reaches college in 17 years. In other words, the first withdrawal will be made on Beth's 18th Birthday and the last payment will be made on Beth's 17th Birthday. The expected interest rate while saving and in college is 5%. Assume today is Beth's first birthday and the first deposit will be made one year from today. Calculate the annual payment the Fabozzi's must make to the account so that their daughter will be completely supported through four years of college. (Enter a positive value and round to 2 decimals)
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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