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How to deposit one large lump sum today

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In order to send your first child to Law School when the time comes, you want to accumulate $40,000 at the end of 18 years. Assuming that your savings account will pay 6% compounded annually, how much would you have to deposit if:

Question a. You want to deposit an equal amount at the end of each year?

Question b. You want to deposit one large lump sum today?

Reference no: EM132555124

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