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2. Mr. Cruz wishes to accumulate 1,000,000 pesos in a college fund for his daughter who is now celebrating her 5th birthday. He wishes the money to be available to her on her 18th birthday, and he is prepared to make equal annual contributions starting now and every birthday of his daughter until her 17th birthday. The fund has an annual interest rate of 7.5% compounded annually. How large will Mr. Cruz's annual contributions need to be?
