Computation of investment amount

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Reference no: EM1362233

Assume the total expense for your current year in college equals $20,000. Approximately how much would your parents have needed to invest 21 years ago in an account paying 8% compounded annually to cover this amount?

a. 952
b. 1,600
c. 1,728
d. 3,973

Reference no: EM1362233

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