Question: A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount

A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 with today's purchasing power of the dollar, at the girl's 18th birthday. The estimated inflation rate is 8%. If the bank pays 5% compounded annually, what lump sum of money should he deposit in the bank savings account on the child's 4th birthday?

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