A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $39,000 when the child reaches the age of 18? Assume the money earns 8% interest, compounded quarterly. (Round your answer to two decimal places.) $ Andrest/Shutterstock.comUse a calculator for this exercise. Chuong Ngo borrows $3000 from a bank that advertises a 6% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula. %