Question: no excel please, equations only 20. Tuition costs are expected to increase at a rate of 8% per year. The first year's tuition is due

no excel please, equations only

20. Tuition costs are expected to increase at a rate of 8% per year. The first year's tuition is due one year from now and will be $2,000. A fund is to be set up today to cover tuition costs for 4 years in an account that will earn interest rate (i). How large must the fund be if: (a) i = 5% (b) i = 8% (c) i = 10%

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