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

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Problem - Your daughter is currently 8 years old. You anticipate that she will be going to college in 10 years. You would like to have $146,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 10% per year, how much money do you need to put into the account today to ensure that you will have $146,000 in 10 years?

Reference no: EM132933741

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