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Business, 01.03.2021 21:50 jessisjawsome

You just welcomed a new baby girl to your family today. You want your daughter to go to Harvard in 18 years for her college education. This year, tuition and fee are $60,000 if she were attending today. You expect the cost to increase by 4% each year. Assume the full amount is payable at the beginning of each year. Your savings account earns an annual rate of 6% but is compounded monthly. What will be the cost of attending for one year when she starts college in 18 years? a. $85,695 b. $121,549 c. $144,397 d. $126,411

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