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(20 pts.) The parents of a 5-year old girl want to save money for college tu when she grows up by making monthly deposits in

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(20 pts.) The parents of a 5-year old girl want to save money for college tu when she grows up by making monthly deposits in a savings account w pays 8% compounded quarterly. The parents will start making deposits on their daughter's 5th birthday until her 22nd birthday when she graduates from college. The tuition is estimated to cost $40,000 per year over 4 years, paid annually starting when the daughter enters college on her 18th birthday. (a) Calculate the required monthly deposit amount (b) Calculate the balance of the savings account "B" and the interest earned "I." at the daughter's 18th birthday (c) If the interest rate was 8% compounded quarterly without inter-period compounding, what would be the required monthly deposit amount

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