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Today, your friend Courtney just had her first child. Wanting to be a good mother, she decides that she would like to invest in a
Today, your friend Courtney just had her first child. Wanting to be a good mother, she decides that she would like to invest in a college fund, available when her daughter turns 18. She estimates that the cost of in-state tuition, along with other college expenses, will be roughly $60,000 for the four-year term. If Courtney is able to receive an average annual rate of return of 6%, how much must she invest today (rounded) to have the full $60,000 by her daughters 18th birthday?
$21,020$3,333.33$10,050None of the aboveStep by Step Solution
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