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How much should he deposit today to provide emma

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Question - Judge Drago has decided to set up an educational fund for his favorite granddaughter, Emma, who will start college in one year. The judge plans to deposit an amount in a savings account that pays 9% annual interest. He wants to deposit an amount that is sufficient to permit Emma to withdraw $20,000 for tuition starting in one year and continuing each year for a total of four years.

Required - How much should he deposit today to provide Emma with a fund to pay for her college tuition?

Reference no: EM132525632

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