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Diego has a 5 - year - old daughter. He wants to pay for her college education in full so she won t have to

Diego has a 5-year-old daughter. He wants to pay for her college education in full so she wont have to face the burden of college loans. He believes he will need to have $200,000 saved by the time his daughter turns 18 in order to accomplish this goal. He decides that the least painful course of action is to set aside a fixed amount from his monthly paycheck. Assuming Diego can earn interest at an annual rate of 5.5%, how much will he need to withhold from each paycheck?

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