1. Annual Investments. Michael and Jessica Mackewich, who live in Fresno, California, have as a new investment...
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1. Annual Investments. Michael and Jessica Mackewich, who live in Fresno, California, have as a new investment goal to create a college fund for their newborn daughter.
They estimate that they will need $200,000 in 18 years.
Assuming that the Mackewiches could obtain a return of 6 percent, how much would they need to invest annually to reach their goal? Use Appendix A.3 or the Garman/
Forgue companion website.
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