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Your child will start college in 16 years, and college tuition is due at the beginning of the year. Average college tuition at a private school this year is $38,500 per year. You may assume that your opportunity cost of funds is 6.0% per year, compounded monthly.

Calculate the single payment you must make into the child's college account to pay for the entire college experience, if you make the payment now. Assume the education inflation rate of 6.4%, compounded monthly

Reference no: EM132758485

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