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3. A new parent plans to save $500 monthly for his newborn college education. He plans to saive for 18 years, starting with a deposit

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3. A new parent plans to save $500 monthly for his newborn college education. He plans to saive for 18 years, starting with a deposit today. In exactly 18 years, in the last month, there will be no deposit, instead, that parent will withdraw all accumulated fund. How much will be accumulated in the 18 years of saving, assuming 8.0% annual rate of return

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