Your Daughter Will Start College One Year From Today At Which Time Her First Tui

Your daughter will start college one year from today at which time her first tuition payment of $58000 must be made. Assuming that tuition does not increase over time and that your daughter remains in school for four years , how much money do you need today in your savings account , earning 5% per annum, in order to make the tuition payments over the next four years?

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