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a. Manuel wants to save for his daughter's college education. He would like to have $100,000 in 16 years. If Manuel can earn an average

a. Manuel wants to save for his daughter's college education. He would like to have $100,000 in 16 years. If Manuel can earn an average of 7% on this fund, how much would he need to deposit in the account today to meet his goal?

b. If Manuel has no money to set aside now but wants to save at the end of each month for this goal, how much would he need to add to the account each month?

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