What amount do they need to set aside today

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Question: Marlee and Derek expect their 5-year-old daughter to get married someday. They estimate that her wedding would cost $30,000 today. Wedding costs will increase by 2% per year, and she will marry in 25 years. Marlee and Derek earn a pre-tax annual rate of 4.5%. They are in the 20% marginal tax bracket. What amount do they need to set aside today for their daughter's wedding?

Reference no: EM133223809

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