Dustin and christy are saving for their daughter

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Dustin and Christy are saving for their daughter, Ella's, college. They just received an inheritance and want to put some of it into a fund (one lumpsum deposit today) that will pay for Ella's college, which will begin in 15 years. Ella's college expenses are estimated to be $75,000 15 years from today, and are expected to grow by 9% per year for the remaining three years. How much money should Dustin and Christy put in the fund today? Assume they can earn 8% on their investment.

Reference no: EM131017224

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