Question: Mrs . Smith has a 1 3 - year - old son who will go to college at 1 8 years old. She has to

Mrs. Smith has a 13-year-old son who will go to college at 18 years old. She has to pay the $32,000 tuition fee for each year in college (4-year college). The interest rate is 10% compounded annually. How much does she need to put in the bank each year (1 year from now until her son is 18 years old) to cover all the costs?

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