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Imaginary University predicts that in 14 years it will cost $103,000 to attend the college for four years. Madison has a substantial amount of cash
Imaginary University predicts that in 14 years it will cost $103,000 to attend the college for four years. Madison has a substantial amount of cash and wishes to invest a lump sum of money for her child's college fund. How much should Madison put aside in an account with an APR of 4%, compounded quarterly, in order to have the $103,000 in the account in 14 years?
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