What will be the annual deposit

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Reference no: EM131025557

My grandchild will be attending Pace Law School in New York; four-year college, in year 2036. The college tuition and fees for 2015 – 2016 is $45,624 per year. According to the College Board’s Trends in College Pricing, 2015, there is a 3.75% rate increase every 5 years. Assuming that I can earn 8% interest each year, what will be the annual deposit needed to have $95,629.85 in 20 years for my grandchild’s tuition?

Reference no: EM131025557

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