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A couple plans to invest money for the chld's education. What principle must the couple deposit when their child is born so that when she turns 18 she will have $50,000. Assume the money earns 6% compounded monthly.

  • math -

    Compute the amount in t years if a principal P is invested at an annual interest rate of r compounded as given. Round to the nearest cent.

    P = $480, t = 4, r = 14% compounded quarterly.

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