He wants to save this money until his oldest daughter goes, Financial Management

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He wants to save this money until his oldest daughter goes

Rob has just received an insurance settlement of $58,400. He wants to save this money until his oldest daughter goes to college. Rob can earn an average of 8.5 percent, compounded annually, on this money.

How much will he have saved for his daughter's college education if his daughter enters college 14 years from now?

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Financial Management: He wants to save this money until his oldest daughter goes

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