1. What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so...

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1. What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so that it will grow to $80,000 for their son's college fund in 18 years?

2. What lump sum should be deposited in an account that will earn 9%, compounded quarterly, to grow to $1.2 million for retirement in 25 years?

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 05:33 AM

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1. What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so...

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1 S 80000 P r m 010 12 0008333 mt ...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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