Henry is planning for his daughters college education to begin 10 years from today. He...
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Finance
Henry is planning for his daughters college education to begin 10 years from today. He estimates the yearly college expenses to be $25,000 per year for a four-year degree. Assuming an investment rate of 10 percent, how much must Henry save each year for the next 10 years for his daughter to be able to withdraw $25,000 per year for four years of college?
a. $4,972
b. $2,500
c. $3,772
d. $5,846
Please show work.
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