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Your rich uncle has offered to put you through college. Your annual tuition payments will begin one year from today, and there will be a
Your rich uncle has offered to put you through college. Your annual tuition payments will begin one year from today, and there will be a total of four payments. Each payment is $ If your uncle can invest funds into an account paying an annual return of percent,
A How much does he need to deposit today to cover the four payments?
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B How much will be in the account immediately after the first tuition payment?
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C How much will be in the account immediately after the last tuition payment? Please show your calculations from year to year to substantiate your answer.
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