Megan is planning for her sons college education to begin, Financial Management

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Megan is planning for her sons college education to begin

Megan is planning for her son's college education to begin six years from today. Megan estimates the yearly tuition to be $7,000 per year for a four-year degree. Tuition must be paid at the begining of each year. How much must Megan deposit today, at an intrest rate of 5 percent, for her son to be able to withdraw $7,000 per year for four years of college?

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