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Business, 27.02.2020 03:19 jonallere04

Lisa will begin college in 15 years and will have to pay $35,000 at the beginning of each of her four years in college. Her parents start saving money for college by investing $X at the end of each of the next 15 years so that the money in the account after 15 years will be enough to pay for all of Lisa’s college costs. Assume the annual effective rate of interest of 3.5%. Calculate $X.

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