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Jasmine just turned 1 5 years old. She plans to go to university to study International Law on her eighteenth birthday. University is expected to

Jasmine just turned 15 years old. She plans to go to university to study International Law on her eighteenth birthday. University is expected to cost Jasmine $10,000, $12,000, $14,000 and $16,000 for each of her four years in university. Her parents want these funds to be available to her at the beginning of each year in university. In addition, her parents want to give Jasmine a $20,000 graduation gift on her twenty second birthday, so she can get a start on her career or graduate school in England. Four years ago, Jasmines father loaned his friend, George $4000 at 10% compounded annually for a period of 7 years. At maturity, Jasmines father would like to use the proceeds from the loan towards financing his daughters education. Since this amount is not going to be sufficient to meet the above obligation, her parents want to save an equal amount at the end of each of the next three years. If money is earning 10% annually, how much (over & above the proceeds from the loan) must her parents save at the end of each of the next three years? (Ans: $15,216) Please do not use excel to answer, thank you!

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