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How much should he deposit today to provide Emma

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Question - Determining an Educational Fund - 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 7% annual Interest. He wants to deposit an amount that Is sufficient to permit Emma to withdraw $20,500 for tuition starting in one year and continuing each year for a total of four years. How much should he deposit today to provide Emma with a fund to pay for her college tuition?

Reference no: EM133066476

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