Question: Your cousin is currently 14 years old. She will be going to college in 4 years. Your aunt and uncle would like to have $105,000

Your cousin is currently

14

years old. She will be going to college in

4

years. Your aunt and uncle would like to have

$105,000

in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of

4.1%

per year, how much money do they need to put into the account today to ensure that they will have

$105,000

in

4

years?

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