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When your son heads off to college in 1 6 years, you would like him to be able to withdraw $ 4 0 , 0

When your son heads off to college in 16 years, you would like him to be able to withdraw $40,000 per year for the four years he is in college. How much do you need to save each month (starting next month) to reach this goal if the interest rate is 8%?
Group of answer choices
$283.18
$315.19
$342.15
$833.33

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