Decide to deposit an equal annual contribution

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Reference no: EM13872433

A child is born this year. On its first birthday [after 1 year], the parents decide to deposit an equal annual contribution to the college fund that will earn 8%, compounded annually. How much should they deposit at the end of each year so that it will grow to $50,000 on the child's 18th birthday?

Reference no: EM13872433

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Decide to deposit an equal annual contribution : A child is born this year. On its first birthday [after 1 year], the parents decide to deposit an equal annual contribution to the college fund that will earn 8%, compounded annually. How much should they deposit at the end of each year so that it wi..

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