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Compare the two payment amounts

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Question: Ted Davis has set the goal of accumulating $80,000 for his son's college fund, which will be needed 18 years in the future. How much should he deposit each year in a sinking fund that earns 8% annual interest? How much should he deposit each year if he waits until his son starts school (at age six) to begin saving? Compare the two payment amounts.

Reference no: EM131627848

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