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04-07-2024
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Mr. Diaz is creating a college fund for his daughter. He plans to make 4 yearly payments of $7,000 each with the first payment deposited today on his daughter's 7th birthday (happy birthday!). Assuming his daughter will need four equal withdrawals from this account to pay for her education beginning when she is eighteen (i.e., 18, 19, 20, 21), how much will she have on a yearly basis for her university career? Mr. Diaz expects to earn a constant 10% annual return for the time interval of this problem.

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