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Investment at birth to provide a child with $39,500 at age 21

How many dollars should you need to invest on your's child's birthday in order to provide their child with $39,500 at age 21? Assume the money earns 7.5% compounded quarterly and t-20.

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Assume that you invest at the birth of your child. Then, when s/he is 21 years old, it is ...

Solution Summary

The solution shows the formulas and makes the calculation.

$2.19