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Cathy is planning to attend college when she graduates from high school 5 years from now. She anticipates that she will need $25,000 at the
Cathy is planning to attend college when she graduates from high school 5 years from now. She anticipates that she will need $25,000 at the beginning of each college year to pay for tuition and fees and have some spending money. She plans to work in the local donut shop and invest an annual end of year deposit of 15,000 for the next 5 years in a bank account earning 8% and will stay at the same rate into the future. Will there be enough money in the account for Cathy to pay for her college expenses on the day she starts college
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