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7. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER A couple plans to save for their child's college education. What principal must be deposited by

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7. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born to have $65,000 when the child reaches the age of 18? Assume the money earns 8% interest compounded quarterly. (Round your answer to two decimal places.)

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