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Your daughter is currently 5years old.You anticipate that she will be going to college in 13years. You would like to have $ 100,000in a savings

Your daughter is currently 5years old.You anticipate that she will be going to college in 13years. You would like to have $ 100,000in a savings account to fund

her education at that time.If the account promises to pay a fixed interest rate of 11 % per year, how much money do you need to put into the account today to ensure

that you will have $ 100,000 in 13 years?

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