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With working please It is December 31, 2014 and you are planning for your daughter's college education. She is now 8 and you will save
With working please
It is December 31, 2014 and you are planning for your daughter's college education. She is now 8 and you will save for the next 10 years, making deposits into a savings account beginning December 31, 2015 and ending December 31, 2024 (10 deposits). Your daughter wants to go to the University of New South Wales. To pay for the tuition and other expenses, you will make withdrawals of $50,000 per year for the following 4 years. The first withdrawal will be December 31, 2025 and the lasts withdrawal will be December 31, 2028 (4 withdrawals). After the last withdrawal, your account should be empty. The interest rate is 5%. Ignore taxes and inflation. How much do you need to save in each of the 10 yearsStep by Step Solution
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