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Your son Tommy was just born today ( Year 0 ) , and you are planning for his college education. You would like to make

Your son Tommy was just born today (Year 0), and you are planning for his college education. You would like to make equal deposits every 26 weeks into a college savings account starting in Year 1 and ending in Year 21(41 deposits) so that Tommy can make annual withdrawals in Years 18,19,20, and 21 for tuition. Tuition is currently (Year 0) $2500/year, and it is expected to grow at 4%/year for each of the next 10 years, and then at 5%/year for all years after. You can earn a nominal annual rate of 8.45% with interest compounded weekly in a college savings account. How much must each of the 41 depositions be to exactly fund the expected tuition expense?

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