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How much must they deposit today into the college fund

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Question - Listen Mr. and Mrs. Pence would like to set up a college fund for their grandson. They want him to be able to withdraw $2,500 each month for the two years he will be in college. Their grandson is currently celebrating his second birthday. His first college withdrawal will be on his 19th birthday. The college fund will earn j12=2.4%. How much must they deposit today into the college fund?

Reference no: EM132983861

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