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Jan wants to plan for her daughters education. Her daughter, Rachel was born today and...

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Accounting

Jan wants to plan for her daughters education. Her daughter, Rachel was born today and will go to college at age 18 for four years. Tuition is currently $16,000 per year, in todays dollars. Jan anticipates tuition inflation of 6% and believes she can earn an 10% return on her investment. How much must Jan save at the end of each year, if she wants to make her last payment at the beginning of her daughters first year of college?

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