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3. Future Cost. If one year of college currently costs $25,000, how much will it cost Grand Rapids, Michigan's resident Michelle Spindle to pay for

3. Future Cost. If one year of college currently costs $25,000, how much will it cost Grand Rapids, Michigan's resident Michelle Spindle to pay for one year of schooling for newborn daughter, Melissa, 18 years from now, assuming a 5 percent annual rate of inflation?

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