A couple with a new baby girl want to set aside money today that will...
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A couple with a new baby girl want to set aside money today that will cover her four years of college. This will be a ONE-time contribution to a mutual fund that returns 8.00% per year on average. Currently, college tuition costs $44,900.00 for four years, but it is growing at 3.00% per year. The "baby" girl will start college in 17.00 years. How much money must they set aside today to cover the cost of college?
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