Grandfather decided to put some money in the bank

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A grandfather decided to put some money in the bank for his granddaughter's education the day she was born. The interest in the bank is 6% per year. The grandfather expects his granddaughter to withdraw $20,000 each year on her own and 18th, 19th, 20th, and 21st birthday. What is the amount the grandfather needs to put in the bank?

Reference no: EM131388281

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