Question: A father, whose dream is to see his son grow up to be an engineer, plans to invest a certain sum towards his son's education

A father, whose dream is to see his son grow up to be an engineer, plans to invest a certain sum towards his son's education upon his birth. He will need to withdraw $12,000 each year from the 21st to the 24th year of his son's life. How much should he invest, if the rate of interest is 10% compounded annually?

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