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Mr. & Mrs. Marsh are planning to pay for their oldest daughter to go to college. She will be going to college in 4 years. The Marsh's are going to pay for undergraduate and masters degree which is expected to take 6 years. The current tuition costs are $16,000 and tuition is expected to grow at a rate of 5.5%. The Marsh's expect a rate of return of 11%. What is the lump sum needed to fund the Marsh's education goals? Round your final answer to two decimal places.

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Financial Management, Finance

Category:- Financial Management
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