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How much money do they need to put into the account today

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Question - Your cousin is currently 13 years old. She will be going to college in 5 years. Your aunt and uncle would like to have $105,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.8% per year, how much money do they need to put into the account today to ensure that they will have $105,000 in 5 years?

Reference no: EM132638521

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