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How much money do you need to put into the account

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Your daughter is currently 11 years old. You anticipate that she will be going to college in 7 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 7% per? year, how much money do you need to put into the account today to ensure that you will have $125,000 in 7 ?years?

Reference no: EM132783467

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