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You just had your second child, and you expect her to go tocollege in 18 yrs. You plan that a four-year college will cost$33,000 each year. The payments are to be made at the beginning ofeach college year starting at t = 18. Your first child will go tocollege in 12 years which will cost $25,000 per year with the firstpayment due at t = 12. You already have $20,000 on an account thatpays 8% p.a. You plan to start depositing on that account a fixedamount of money once a year starting at t = 1 and do that until thedue date of the last tuition payment for your second child. Findthe amount of money that you shall deposit each year.
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