Answer: $77,588.60
Explanation:
Investment needed by Sam Long = Amount required in 11 years * PVIF (n*2), r/ 2
= $227,000 * PVIF 22 years, 5%.
= $227,000 * 0.3418
= $77,588.60
Sam Long anticipates he will need approximately $227,000 in 11 years to cover his 3-year-old daughter's colle...
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