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Sam needs $100,000 in 10 years from today to pay for college. He plans on setting aside a constant amount at the end of each
Sam needs $100,000 in 10 years from today to pay for college. He plans on setting aside a constant amount at the end of each of the next 10 years in order to fund his college expense. If he earns a 5% annual rate of return on his investments, how much must he set aside at the end of each year? (please shown your formula to show how you would solve for the monthly amount)
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