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otto is planning for his son's college education to begin ten years from today. He estimates the yearly tuition, books, and living expenses to be $10,000 per year for a four-year degree. How much must Otto deposit today, at an interest rate of 12 percent, for his son to be able to withdraw $10,000 per year for four years of college? A) $12,880 B) $ 9,780 C) $40,000 D) $18,950 Oct 26 2012 12:44 AM

 

Solution ID:608796 | This paper was updated on 26-Nov-2015

Price : $24
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