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How much money is in the college fund today

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Problem 1: For the past four years, Darren has been saving up for a college fund for his oldest daughter. He deposited $5,000 initially, followed by annual deposits of $5,000, $4,000, $3,600, and $5,000. The money was initially invested at 5.75% compounded semi-annually for the first two years before increasing to 6% compounded quarterly for the balance of the investment. How much money is in the college fund today?

Reference no: EM132841049

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