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Your child is currently 2 years old. You plan to save for your child's college education expenses by depositing 5% of your annual salary into
Your child is currently 2 years old. You plan to save for your child's college education expenses by depositing 5% of your annual salary into an account that pays 6% interest compounded annually.If your salary is $100,000 next year when you make the first deposit, and you expect your salary to grow at 4% a year after that. How much do you have saved in 16 years when your child goes to college?
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