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Fund her education at that time

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Your daughter is currently 12 years old. You anticipate that she will be going to college in 6 years. You would like to have $125,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 11% per year, how much money do you need to put into the account today to ensure that you will have $125,000 in 6 years?

Reference no: EM131360276

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