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1. Tim's parents plan to set-up a college fund for him to fund his 4-year bachelor program. The tuition fee is $20,000 per semester payable

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1. Tim's parents plan to set-up a college fund for him to fund his 4-year bachelor program. The tuition fee is $20,000 per semester payable in advance. The tuition fee is expected to grow at 4% and the college fund will earn 8% interest per annum. Calculate the amount the college fund must have when Tim start college

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