Mizzy Elliott plans to pay her daughters tuition for four years starting eighteen (18) years...
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Mizzy Elliott plans to pay her daughters tuition for four years starting eighteen (18) years from now. The current annual cost of college is $7,500 and she expects this cost to rise at an annual rate of 5 percent. She assumes that she can earn 6 percent annually in her planning. How much must Missy put aside each year, starting next year, if she plans to make 17 equal payments?
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