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March 30, 2017

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A couple plans to save for their child’s college education. What principal must be deposited by the parents when their child is born in order to have $100,000 when the child reaches age 18? Assume the money earns 4% interest, compounded quarterly.

  • math - ,

    p(1+.04/4)^(4*18) = 100000
    p = 48849.61

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