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Question 1 (6 points) Mr. Michael Scott, a regional manager of a paper company, wants to support his two grand kids when they grow up.

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Question 1 (6 points) Mr. Michael Scott, a regional manager of a paper company, wants to support his two grand kids when they grow up. He wants to set up a fund that will pay each of them $5000 per year forever starting when they turn 18. If one of the grandchildren is 17 and the other is 12, what total amount does he need to invest today? Assume an investment return of 6% per year

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