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    Saving for the Child's Future

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    On the day of the child's birth, a proud parent deposits an amount of money into a compound interest savings account that will earn 5% each year. On the child's eighteenth birthday, the account will have accumulated $10,000. How much did the parent deposit on the day of the child's birth?

    © BrainMass Inc. brainmass.com June 3, 2020, 9:30 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/saving-for-the-child-s-future-185126

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