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Determining the interest on savings

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You want to start saving for your daughter's college education now. She will enter college at age 18 and will pay fees of $4,000 at the end of each of the four years. You will start your savings by making a deposit in one year and at the end of every year until she begins college. If annual deposits of $1,987 will allow you to reach your goal, how old is your daughter now? Assume you can earn 6% interest on your savings.

Reference no: EM131846376

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