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How much did grandfather deposit on the day

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Problem 1: When you were born, your grandfather established a trust fund for you in the Cayman Islands. The account has been earning interest at the rate of 7% per year. If this account will be worth $90.000 on your 23th birthday, how much did your grandfather deposit on the day you were born?

A. $7,074

B. $6,300

C. $6,448

D. $3,913

E. $18,985

Reference no: EM132768887

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