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Mr . Jensen plans to send his son to college in Europe. He expects the cost of these studies to be $ 1 0 0

Mr. Jensen plans to send his son to college in Europe. He expects the cost of these studies to be $100,000. The full amount is due exactly 15 years from today. He must deposit $ per year in an account earning 8.5% p.a. in order to reach his goal. Assume the first deposit is made today and the last deposit is made exactly 15 years from today.
4,469.36
3,161.35
3,682.95
None of the answers in this list is within $10 of the correct answer.
3,542.05
3,487.02
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