Mathew Weir plans to pay for his sons college education for 4 years starting 8...
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Mathew Weir plans to pay for his sons college education for 4 years starting 8 years from today. He estimates the annual tuition cost at $45,000 per year, when his son starts college. The tuition fees are payable at the beginning of each year. How much money must Matthew invest every year, starting one year from today, for the next seven years? Assume the investment earns 9 percent annually.
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