(Answered) You want to start saving for your daughters college

Finance

You want to start saving for your daughter's college education now. She will enter college at age 18 and will pay fees of $4,000 at the end of each of the four years. You will start your savings by making a deposit in one year and at the end of every year until she begins college. If annual deposits of $1,987 will allow you to reach your goal, how old is your daughter now? Assume you can earn 6% interest on your savings.

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