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Mrs. Smith has a 7-year-old son who will go to college at 18 years old. She...

Mrs. Smith has a 7-year-old son who will go to college at 18 years old. She has to pay the $30,000 tuition fee for each year in college (4 year college). The interest rate is 15% compounded annually. How much does she need to put in the bank each year (1 year from now until her son is 18 years old) to cover all the costs

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