Jane would like to save money for her sonrsquos college, Financial Management

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Jane would like to save money for her sonrsquos college

Jane would like to save money for her son’s college education by making monthly deposits into an account that earns 2.9% annual interest compounded monthly. Jane’s son will be 18 in 16 years and she would like to have $45, 000 for his education when he turns 18. How much should Jane deposit each month into her account?

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Financial Management: Jane would like to save money for her sonrsquos college

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Financial Management: Jane would like to save money for her sonrsquos college

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