Determining an Educational Fund
Judge Drago has decided to set up an educational fund for his favorite granddaughter, Emma, who will start college in one year. The judge plans to deposit an amount in a savings account that pays 9 percent interest. He wants to deposit an amount that is sufficient to permit Emma to withdraw $13,000 starting in one year and continuing each year for a total of four years. How much should he deposit today to provide Emma with a fund to pay for her college tuition?
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