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Interest rate compounding yearly

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You want to invest on the education of your newborn daughter. You estimate that 5 years of undergraduate engineering will cost you $20,000 per year (from t=18 through t=22), and two years for graduate school will cost you $30,000 per year (t=23 and t=24). How much do you need to deposit yearly with 10% interest rate compounding yearly next 18 years to cover her education cost?

Reference no: EM132492571

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