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Edna has determined that it will cost $45,000 in 2018 dollars for her to send her daughter, Jolene, to college in 10 years. If education
Edna has determined that it will cost $45,000 in 2018 dollars for her to send her daughter, Jolene, to college in 10 years. If education costs are expected to increase at 6% annually, and Edna can generate a 7.25% return on her money, how much must she save each year in order to have the necessary funds on hand when Jolene starts college?
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