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Indiana University has just revealed an innovative college education-financing plan for parents with small children (2 years old in this example). The plan allows parents

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Indiana University has just revealed an innovative college education-financing plan for parents with small children (2 years old in this example). The plan allows parents to make a lump-sum contribution of $9, 575.80 now to cover 4 years of level tuition payments starting 16 years from now. If the plan assumes an annual interest rate of 10%, what annual tuition does this plan imply

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