A child is born this year on its first birthday after 1, Financial Management

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A child is born this year on its first birthday after 1

A child is born this year. On it's first birthday [after 1 year], the parents decide to deposit an equal annual contribution to the college fund that will earn 8%, compounded annually. How much should they deposit at the end of each year so that it will grow to $50,000 on the child's 18th birthday? (Please give explanation & how to calculate)

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Financial Management: A child is born this year on its first birthday after 1

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