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You have an absolutely brilliant child who is six years old and will be attending...

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Finance

You have an absolutely brilliant child who is six years old and will be attending a private college in twelve years. You know that in twelve years a four year college will cost at least $70,000 per year (total $280,000), including tuition, books, and room and board. If you can earn 12 percent on a mutual fund investment during the next twelve years, how will you to invest at the end of each year to have enough to send your child to college for four years?

a. $14,755

b. $5,022

c. $34,503

d. $11,602

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