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How much money will have in the account by the child

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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 $75 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.

Problem 1: How much money will they have in the account by their child's 18th birthday?

Problem 2: How much interest will be earned?

Reference no: EM132998075

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