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Pedro and Raven just had a daughter. In effort to start saving for her college fund they estimate about $26,075 each year of college. They

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Pedro and Raven just had a daughter. In effort to start saving for her college fund they estimate about $26,075 each year of college. They are being very positive and assuming it will only take her 4 years. She will begin college at the beginning of the 18th year from now. Since having a baby is so expensive they will start making deposits in 2 years (the first payment will be made at the beginning of year 3). What uniform annual deposit do Pedro and Raven need to put into account that earns 3.51% annual interest so that their daughter will have the $26,075 available each year of her program? Margin of error +/- $100 Hint: Move the 4 years of college payments to one lump sum at the end of year 17 (which is the beginning of year 18). Then find the annual payments you need make in years 3 to 17 to have the PV of the 4 years of college at the end of year 17

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