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A girl s parents wish to save money for her college education starting at birth. The girl s grandparents offered an initial investment of $
A girls parents wish to save money for her college education starting at birth. The girls grandparents offered an initial investment of $ right at the moment she is born ie in Year Tuition costs are expected to be $ per year in the ththth and st years of the girls life. The parents are able to invest $ a year for years, starting on the th year of her life years and Starting in year they will be able to increase their investment amounts by a flat amount each year so each year will have a flat amount more than the last year for years through The parents will stop investing money after year How much will the family have to increase their contributions in order to make the tuition payments? Assume a interest rate. Draw the cash flow diagram to help you visualize the cash flows.
Ans: $
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