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Otto plans to start his son's college education ten years from today. He estimates the year-end tuition, books, and living expenses for a four-year degree

Otto plans to start his son's college education ten years from today. He estimates the year-end tuition, books, and living expenses for a four-year degree will be $10,000 per year. How much does Otto need to deposit today at a 12 percent interest rate so that his son can withdraw $10,000 a year for four years of college?

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