Peter wants to save some money for his daughter Gwen's education. Tuition costs $12,500 per year in

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Peter wants to save some money for his daughter Gwen's education. Tuition costs $12,500 per year in today's dollars. His daughter was born today and will go to school starting at age 18. She will go to school for 4 years. Peter can earn 11% on his investments and tuition inflation is 7%. How much must Peter save at the end of each year, if he wants to make his last savings payment at the beginning of his daughter's first year of college?
a. $2,694.56.
b. $2,789.04.
c. $3,167.33.
4.$3,176.43.
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A Concise Introduction to Logic

ISBN: 978-1305958098

13th edition

Authors: Patrick J. Hurley, Lori Watson

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