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How much should contribute into the savings account annual

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Problem 1: You would like to begin saving for your child's college education. You estimate the tuition will be $70,000 per year for a period of 4 years. Your child will enroll in college 15 years from now. You plan on making annual contributions into a college savings account at the end of each year which you estimate will yield an effective annual rate of return of 7%. How much should you contribute into the savings account annually to have enough saved when your child begins college?

Reference no: EM132791594

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