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A couple with a newborn daughter wants to establish a college fund to pay for future college expenses. The couple can earn 7% compounding annually

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A couple with a newborn daughter wants to establish a college fund to pay for future college expenses. The couple can earn 7% compounding annually on their investments and estimate that future college costs will be $60,000 per year for four years. Assume that the daughter enters college at age 18 and that payments are made on each birthday. The plan is to invest $A every year at in the stock market with an expected 7% yearly interest rate. After 17 years, the couple will take all the money in the investment account and put is in a low risk credit union account that pays 3% annual interet. After one year in the credit union account, the couple will start withdrawing from this account every year until the account depletes after the fourth widthdrawal. What shouk the value of A be to ensure that a sufficient amount has been saved to cover all costs for the daughter to finish college

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