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Andy Griffith is planning for his college education, which is expected to start 7 years from today. Andy anticipates that he will need $15,000 at
Andy Griffith is planning for his college education, which is expected to start 7 years from today. Andy anticipates that he will need $15,000 at the beginning of each of the four college years to pay for tuition, fees, books, and living expenses. If the annual interest rate is 8%, how much must Andy deposit at the end of each year for the next 7 years in a bank account to be able to withdraw $15,000 per year during his four years of college?
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