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Determining the newborn is of college age

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You wish to have $100,000 saved when your newborn is of college age, 18 years from now. You plan to invest in bonds and stocks yielding about a 5.5% annual rate of return. How much money would you have to invest each year to achieve that goal?

Please show all work and steps. Any help will be appreciated and thank you for your time!

Reference no: EM132505478

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