Solved: How much must the woman deposit to earn 7 per year, Business Economics

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How much must the woman deposit to earn 7 per year

A woman who has just won 45,000 in a lottery wants to deposit snout of her winnings into a savings account so that will have 10 000 for her sons college education. assume that her son just turned 3 years old and will begin college when he is 18 years of age. How much must the woman deposit to earn 7% per year compounded quarterly on her investment?

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