Plan on continuing to invest the same amount

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Ryan’s parents have been saving $2,000 every year for the last five years. They plan on continuing to invest the same amount annually for the next five years. Ryan is interested in attending a state university which is expected to cost $17,000 per year (annual tuition due at the end of each year). Ryan plans on going to college in five years. If the interest rate is 10 percent, how much more would Ryan’s parents have to invest each year to have the funds necessary for his education at the end of five years from today?

Reference no: EM131057237

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