Joe Wants To Set One Lump Sum Of Money Aside Today To Pay For His Child S Colleg

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Joe wants to set one lump sum of money aside today to pay for his child’s college education, which will occur in 15 years and cost $50,000. If the current 15 year interest rate is 7%, then how much does Joe need to set aside today?

a. $18,122

b. $137,952

c. $3,333

d. $18,797

 
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