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Savings account and that no additional deposits

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Suppose you want to have $150,000 in a college fund for your son after 18 years. How much will you need to invest now if you can obtain an APR of 6%, compounded monthly? Assume you put in a lump sum of money when you open the savings account and that no additional deposits are to be made during the 18 years.

Reference no: EM132342164

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