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April 18, 2014

Homework Help: Business Calculus

Posted by cs94 on Monday, February 11, 2013 at 1:56am.

Pam and Tim decide to start saving money for their daughter's college education. They open a college savings plan (529) with a 500 dollars initial investment and next month start to make monthly deposits of 120 dollars. If the account pays 8% compounded monthly, how much will the account be worth after 180 deposits? Be sure to include the initial investment in the computation.

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