Question: At the age of 10 Felix decided that he wanted
At the age of 10, Felix decided that he wanted to attend a very prestigious (and expensive) university. How much will his parents have to save each year to accumulate $40,000 by the time Felix needs the funds in eight years? Assume Felix’s parents can earn 7 percent (compounded annually) on their savings, and that each year’s savings are deposited at the end of the year.
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