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How much money do they need to put into the account

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Question - Your cousin is currently 8 years old. She will be going to college in 10 years. Your aunt and uncle would like to have $115,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 4.1% per? year, how much money do they need to put into the account today to ensure that they will have $115,000 in 10 ?years?

Reference no: EM132968640

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