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Problem - According to the Money article that Cory and Tisha read, they can expect to pay about $100,000 in tuition and related college expenses when Chad enters college and even more for Haley. The Dumonts hope that Chad will receive academic scholarships that will reduce their total college costs to about $40,000. Assuming that the Dumonts start a college savings program today and manage to earn '2' percent a year, ignoring taxes, until Chad is 13, how much will they need to save each year? How much will the Dumonts need to save each year if Chad does not receive scholarships?
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