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How much money will they need to deposit into child account

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Question - Your first child was just born. Your parents tell you that they want to give your child a meaningful birth gift of their freshman year in college. Assuming that it will cost $35,000 to attend their freshman year (18 years from now), how much money will they need to deposit into the child's account if the interest rate is 7% per year? (Assume m = 1.)

Reference no: EM133104636

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