You have an absolutely brilliant child who is six years old and will be attending...
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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 (so the total cost of college for four years will be $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 much will you have to invest at the end of each year to have enough to send your child to college for four vears?
$34,503
$5,022
$14,755
$11,602
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