Jack and Jill have just had their first child. If college is expected to cost $170,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment.

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Part 1

The amount that the couple should begin depositing annually at the end of each year is $

enter your response here. (Round to the nearest cent.)