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in the event of his death, Jim wants to provide funding for his daughter Lauren, 4, to attend four years of college, starting at age
in the event of his death, Jim wants to provide funding for his daughter Lauren, 4, to attend four years of college, starting at age 18. The current annual cost of tuition is $25,000. Assume inflation of 6.5% and after-tax earnings of 6%. If Jim wants to have enough life insurance to assure adequate funds for Lauren when she begins college (should he die today), approximately how much insurance should he purchase for this need alone? (Round your answer to the nearest dollar.)
A)
$100,710
B)
$108,076
C)
$107,568
D)
$103,417
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