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If the Sampsons set a goal to save $70,000 for their childrens college education in 12 years, how would you determine the yearly savings necessary

If the Sampsons set a goal to save $70,000 for their childrens college education in 12 years, how would you determine the yearly savings necessary to achieve this goal? How much would they have to save by the end of each year to achieve this goal, assuming a 5% annual interest rate?

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