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

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Finance

image Jan wants to plan for her daughter's 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 today's dollars. Jan anticipates tuition inflation of 6% and believes she can earn an10% 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 daughter's first year of college? a) Solve the question using uneven cash flow method. (Show all the steps). b) Solve the question using traditional method. (Show all the steps)

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