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Kerry and Rob just had their first child, Helene. Being financially responsible parents, they want to start saving for Helene's college education so that they
Kerry and Rob just had their first child, Helene. Being financially responsible parents, they want to start saving for Helene's college education so that they will have $355,000 by the time she is 18. Assuming that they have $10,000 in a bank account that pays 5% interest compounded annually today, how much must they add to the account each year to have $355,000 by the time Helene is 18?
A.approx. $10,221
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B. | approx. $11,946 | |
C. | approx. $11,763 | |
D. | approx. $18,254 | |
E. | approx. $16,055 |
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