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    Annuity Problem

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    The Wintergreens are planning ahead for their son's education. He's eight now and will start college in 10 years. How much will they have to set aside each year to have $65000 when he starts if the interest rate is 7%?

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    Solution Preview

    We are given the future value and we have to find the savings per year so that the future value is obtained. The savings per year will be an ...

    Solution Summary

    The solution explains how to calculate the annual savings given a predetermined future value