Question: Mr Chan's son is three years old now and will be going to college in 15 years. Mr Chan would like to have $625,000 in

Mr Chan's son is three years old now and will be going to college in 15 years. Mr Chan would like to have $625,000 in a savings account to fund his education at that time. If the account promises to pay a fixed interest rate of 3% per year, how much money does Mr Chan need to put in the account today to ensure that he will have $625,000 in 15 years?

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