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How much must be deposited at the beginning

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Question - Lucy and fred want to begin saving for their baby's college education. They estimate that they will need $200,00 in 18 years. If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next 18 years to fund the education?

A. $6,471

B. $6,105

C. $11,111

D. $5,924

Reference no: EM132042444

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