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Tom and Mary decide at the birth of their daughter that they will need to provide 200,000 at their daughters 18th birthday to fund her
Tom and Mary decide at the birth of their daughter that they will need to provide 200,000 at their daughters 18th birthday to fund her college education. They plan to contribute X at each of their daughters 6th through 17th birthdays to fund the money needed. They anticipate earning a constant 5% annual effective interest rate on their contributions. Determine X
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