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You are currently saving for your child's college education.The current cost of college is $10,000 a year.You expect that college costs will continue to increase at a rate of 5 percent a year.Your child is scheduled to begin attending a four-year college 10 years from now .You currentl have $25,000 in an account which earns 6 percent after taxes.You would like to have all of the necessary savings by the time your child enters college, and you would like to contribute a constant amount at the beginning of each of the next 10 years in order to provide the necessary amount.(You want to make 10 equal contributions starting in Year 0 and ending at Year 9.) How much should you contribute to the account each year in order to fully provide for your child's education?
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An individual who is not licensed to practice law or offer legal advice.
Undue Influence
An improper or excessive pressure exerted by one person on another in order to coerce that person into a contractual agreement or legal transaction.
Mental Impairment
A condition that affects a person's thinking, feeling, mood, or ability to relate to others, significantly affecting daily functioning.
Persuasion
The act of convincing someone to do or believe something through reasoning or argument.
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