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How much interest will be earned

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Question - Today Dante and Sharon had their first child and they want to begin savings for their child's education. With all the expenses of having a new child they feel they can only afford to put away $125 a month but they plan to continue doing so until the child turns 18. They are budgeting for an interest rate of 2.8%, compounded monthly.

How much will they have saved by their child's 18th birthday now that they have increased their payments? How much interest will be earned?

Reference no: EM132977678

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