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Jamey adopts a baby. He estimates he will need to have $50,000 ready in 17 years when the baby goes to college. How much does
Jamey adopts a baby. He estimates he will need to have $50,000 ready in 17 years when the baby goes to college. How much does he need to invest now to have $50,000 in 17 years assuming he can earn 8% annually on his money?
Hint: Figure out what type of time value of money problem this is. Find the correct formula in module 6. Show your work.
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