Make your child a millionaire if you just start saving early

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Reference no: EM131456894

A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 9% interest per year, starting on the day your child is born. How much would you need to invest each year (rounded to the nearest dollar) to accumulate a million for your child by the time he is 18 years old? (Your last deposit will be made on his 17th birthday.)

Reference no: EM131456894

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